A 100% real estate market
A market specialized exclusively in non-residential real estate: demand, analytics and valuation designed for this asset, not adapted from a generalist market.
FOR SOCIMIS
List for what actually matters
Migrate your SOCIMI's listing to a tokenized market infrastructure: lower fixed costs, SOCIMI regime compliance without discontinuities and a real transfer channel for your shareholders.
Confidential eligibility assessment, no commitment.
REGULATORY SAVINGS
Most SOCIMIs don't need an oversized market
Many patrimonial SOCIMIs list to meet the legal requirement attached to their tax regime, but keep a concentrated shareholder base, a small free float and limited secondary trading. In those cases, part of the listing cost pays for market capacity that barely gets used.
Our proposal is a listing proportionate to the company's real need: compliance, traceability and a transfer channel, without maintaining an infrastructure designed for continuous liquidity when liquidity is not the priority.
THE CURRENT MARKET
Listing on a traditional market doesn't always pay off
- of SOCIMIs have a free float below 5%
- ~78%
- of SOCIMIs did not trade a single security in the last week
- ~92%
- spend more than 0.25% of their market capitalization every year on being listed
- ~48%
HOW WE CUT COSTS
Simplify the chain to reduce the cost
- Admission and maintenance
- Traditional marketMarket fees and periodic renewals
- The Shellment approachDigital cost model, sized to each case
- Registry, custody and settlement
- Traditional marketSeparate layers and reconciliations between providers
- The Shellment approachDLT registry and traceability built into the operating design
- Recurring intermediaries
- Traditional marketRegistered advisor, agent bank, paying agent and other providers
- The Shellment approachIntegrated into a single operational and technological layer
- Liquidity
- Traditional marketProvider and resources devoted to sustaining trading
- The Shellment approachQualified investor community and product design that minimizes requirements
- Investor information
- Traditional marketWebsites and external publication circuits
- The Shellment approachDigital channel and coordinated reporting
BENEFITS
Structural advantages, beyond savings
Shellment brings four structural advantages over other listing alternatives:
Our own investor community
A base of active real estate investors bringing real buying and selling motivation. Liquidity comes from interest and demand for the asset, not from mere regulatory arbitrage.
Listing in weeks
Listing on Shellment completes in a fraction of the time a traditional market requires: fewer intermediaries and less documentation mean execution in weeks, not quarters.
Innovative positioning
Listing on a tokenized platform projects modernity and transparency, and opens access to a digital investor profile that traditional markets don't reach.
SOCIMI REGIME
Tax regime continuity
Law 11/2009 requires that, to qualify for the special tax regime, a SOCIMI's shares must be admitted to trading on a regulated market or an eligible multilateral trading facility (MTF), uninterruptedly throughout the entire tax period.
Law 11/2009, art. 4 · Law 6/2023, arts. 68–69 · Regulation (EU) 2022/858
Regulated trading venue
Shellment is designed to operate connected to a trading and settlement system based on distributed ledger technology (DLT), authorized and supervised by the CNMV, for assets of up to €500M in capitalization.
Uninterrupted admission
The incorporation is coordinated with the delisting from the market of origin: not a single day passes without admitted trading.
Transparency and reporting
The system provides the trade register, price dissemination and publication of corporate information in accordance with the regulations.
Eligibility confirmed upfront
Before executing the migration, the eligibility of the destination trading venue and the fit of the calendar with the tax period are validated.
ROADMAP
A structured process, in four phases
Eligibility assessment
Current market, bylaws, shareholder base, contracts, SOCIMI obligations and fiscal calendar.
Business case
Full comparison of the current cost against the target model and definition of the expected savings.
Legal and operational design
Corporate agreements, issuance document, DLT representation, providers and reporting.
Coordinated execution
Admission to the eligible venue and exit from the market of origin on a calendar that avoids discontinuities.
WHO IT'S FOR
Which SOCIMI profile benefits the most
Migrating to a tokenized infrastructure brings the most value to SOCIMIs for which listing is a tax regime requirement, not a source of liquidity:
- Small size: when the cost of listing on a traditional market consumes a substantial part of the regime's tax benefit
- Low liquidity: when trading in their own shares is not a strategic priority and the current market is oversized
- Stable shareholder base: a patrimonial investment strategy, with one or several controlling partners, limited capital rotation and a small free float
FREQUENTLY ASKED QUESTIONS
What SOCIMIs usually ask us
Do we lose the SOCIMI tax regime when migrating the listing?
No. Law 11/2009 requires shares to be admitted to trading on a regulated market or an eligible MTF uninterruptedly throughout the tax period. Before executing the migration we validate the eligibility of the destination trading venue, and the admission is coordinated with the delisting from the market of origin so that not a single day passes without admitted trading.
Who supervises the destination trading venue?
Shellment is designed to operate connected to a trading and settlement system based on distributed ledger technology (DLT), authorized and supervised by the CNMV, for assets of up to €500M in capitalization.
What happens to the liquidity of our shares?
Trading is supported by a qualified investor community specialized in non-residential real estate. Liquidity comes from real interest in the asset, not regulatory arbitrage. For SOCIMIs with a concentrated shareholder base and a small free float, the product design minimizes the resources needed to sustain trading.
How long does the migration take?
Weeks, not quarters. With fewer intermediaries and less documentation than a traditional market, the process completes in four phases: eligibility assessment, business case, legal and operational design, and coordinated execution.
How much can we save?
It depends on your current cost structure: market fees, registered advisor, agent bank, paying agent and liquidity provider. In the business case phase we compare your current cost against the target model and define the expected savings before you make any decision.
How does the company communicate with its investors?
Through its own digital channel and coordinated reporting: trade register, price dissemination and publication of corporate information in accordance with the regulations, without depending on external websites and publication circuits.
CONTACT
Tell us about your SOCIMI
Leave us your email and a short note about the company. If you prefer to talk directly, write to us and we'll set up a call.
Download the SOCIMI presentation (PDF, in Spanish)Reply within 24 hours
Or write to us at hola@shellment.com
