MERCAL INMUEBLES SOCIMI SA

What MERCAL INMUEBLES SOCIMI SA does

MERCAL INMUEBLES SOCIMI, S.A. is a Spanish real estate investment company (SOCIMI) listed on the Mercado Alternativo Bursátil (MAB) under ticker bme:YMEI, with its registered office at Calle Orense 81, 7ª Planta, Madrid. The company's stated corporate purpose is the acquisition and development (promoción) of urban real estate for leasing. Its portfolio comprises 18 assets: twelve commercial premises, one office, one hospital/medical center, two garages, and land parcels, distributed across Madrid, Andalusia, the Balearic Islands, and Castile-La Mancha. Asset composition, excluding land, is 46% commercial premises and garages, 9% offices, and 45% medical center.

The business model is straightforward B2B commercial real estate leasing, not a technology product. Assets are leased directly to large corporations under medium- to long-term contracts, producing recurring rental income. The company reports 100% occupancy on all non-rustic assets (only the Cabañas de Yepes rustic land remains unleased) and a near-0% delinquency rate, implying a creditworthy tenant base. There is no proprietary technology platform, no SaaS component, and no AI/ML element — the underlying "technology" is traditional property acquisition, asset management, and direct tenant negotiation. Revenue mechanics consist of two streams: recurring rental income (primary, subscription-style) and occasional one-time gains from asset sales (e.g., the 2021 Hospiten/Estepona hospital sale and the 2025 Francisco Silvela commercial premises sale). The company is operated by an extremely lean team of 1-10 employees and relies on ATTEST SERVICIOS EMPRESARIALES, S.L. as Registered Advisor for MAB compliance and on Strategycomm as external PR.

The most material recent development is a 2025 announced merger (fusión) with Vitruvio, Alkigar S.A., and Polígono Garza 2000 S.L., which represents a structural consolidation of the company's real estate holdings and a step-change in scale if completed. Since its 2014 MAB listing, MERCAL has also executed three capital increases (December 2018, January 2019, March 2019) and has made discrete new investments in Palma de Mallorca, Málaga, and Espronceda (Madrid), offset by selective divestitures.

Name

MERCAL INMUEBLES SOCIMI SA

Legal name

MERCAL INMUEBLES SOCIMI, S.A.

Website

https://mercalinmuebles.es

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

MERCAL INMUEBLES SOCIMI is a small Spanish SOCIMI listed on the MAB that acquires and leases urban commercial real estate (18 assets across Madrid, Andalusia, Balearic Islands, and Castile-La Mancha) to large corporate tenants under long-term contracts, generating recurring rental income.

Ownership category

akta.pro rank

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Commercial Property Leasing: Primary revenue stream from leasing a portfolio of 12 commercial premises, 1 office, 1 hospital/medical center, and 2 garages to large corporate tenants under medium and long-term contracts. The company maintains high occupancy levels and near 0% default rate, generating stable recurring rental income.
2. Property Sales: Occasional revenue from the sale of real estate assets, such as the commercial premises sale on Francisco Silvela in Madrid. These transactions generate one-time capital gains in addition to recurring rental income.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

MERCAL INMUEBLES SOCIMI, S.A. is a publicly listed SOCIMI that acquires and develops urban real estate assets for leasing. Its portfolio consists of twelve commercial premises, one office, one hospital/medical center, two garages, and land parcels, leased to large corporations under medium and long-term contracts to generate stable, recurring rental income.

Product overview

MERCAL INMUEBLES SOCIMI is a SOCIMI (Sociedad Cotizada de Inversión en el Mercado Inmobiliario) listed on the Mercado Alternativo Bursátil (MAB) that operates as a real estate investment company. The company does not offer a technology product; instead, it provides commercial real estate leasing services through a portfolio of physical properties. The portfolio consists of twelve commercial premises, one office, one hospital/medical center, two garages, and land parcels. These assets are leased to large companies under medium and long-term contracts, generating stable rental income with near 0% delinquency rates. All assets are currently occupied except for the rustic land in Cabañas de Yepes.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Premises Leasing (Locales Comerciales)

Quantifiable outcome

• Near 0% default rate on rental income
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• Alkigar S.A.coreStrategic or Co-development Partner · 7 July 2025Alkigar S.A. is a company involved in the Vitruvio merger/fusion project with MERCAL. Documents include fusion agreements, administrator reports, and annual accounts from 2021-2024. The merger represents a strategic consolidation of real estate holdings.
• Polígono Garza 2000 S.L.coreStrategic or Co-development Partner · 7 July 2025Polígono Garza 2000 S.L. is a company involved in the Vitruvio merger/fusion project with MERCAL. The merger documentation includes annual accounts and social statutes for this entity as part of the consolidation process.
• VitruviocoreStrategic or Co-development Partner · 7 July 2025Vitruvio is the primary company in the Vitruvio merger/fusion project involving MERCAL, Alkigar S.A., and Polígono Garza 2000 S.L. The fusion includes administrator reports, annual accounts 2022-2024, and consolidated post-fusion statutes.
• ATTEST SERVICIOS EMPRESARIALES, S.L.coreImplementation/ SI/ Consulting PartnerATTEST SERVICIOS EMPRESARIALES, S.L. served as the Registered Advisor (Asesor Registrado) accompanying MERCAL in the process of incorporation to the Mercado Alternativo Bursátil (MAB), coordinating and directing the work of various professionals involved in fulfilling the requirements for listing.

Scale indicators3 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Merlin Properties: Spain's largest SOCIMI listed on the IBEX 35, with a diversified portfolio of office, retail, logistics, and data center assets. Closest peer by structure and business model, though materially larger and more diversified than MERCAL.
• Domo Activos SOCIMI: Small/mid Spanish SOCIMI with a portfolio of commercial real estate assets. Directly comparable by entity type, geographic focus on Spain, and small/mid-cap status on Spanish exchanges.
• Castellana Properties: Spanish SOCIMI (formerly associated with Realia) focused on retail and commercial assets across Spain. Comparable in size range, structure, and asset class focus to MERCAL.
• Inmobiliaria Colonial: Spanish SOCIMI focused on prime CBD office properties in Madrid, Barcelona, and Paris. Comparable as a Spanish-listed REIT with a concentration in high-quality urban commercial real estate leased to large corporates.
• Vitruvio: Smaller Spanish SOCIMI that is the primary counterparty in MERCAL's 2025 merger. Operates a comparable model of urban real estate acquisition and leasing, making it the closest functional peer.
• Lar España Real Estate: Spanish SOCIMI investing in retail and grocery-anchored commercial real estate across Spain. Directly comparable in structure (SOCIMI), asset focus (commercial real estate), and Spanish geographic footprint.

Emerging players

• Forte Coliseno (formerly Eliance): Small Spanish SOCIMI with diversified urban real estate holdings. Comparable as a smaller, less-liquid Spanish REIT with a leasing-focused model.

Regional players

• Quabit Inmobiliaria: Spanish real estate company historically focused on residential development; serves as a regional reference point for Spanish property investors though operating model differs.

Broad incumbents

• Banco Santander (Spanish CRE lending arm): Major Spanish financial institution with deep involvement in Spanish commercial real estate financing and investment. Relevant as a broad incumbent in the Spanish real estate capital markets ecosystem in which MERCAL operates.

Others

• BNP Paribas Real Estate Investment Management Spain: International asset manager operating in Spanish commercial real estate. Comparable as a sophisticated institutional investor/operator in Spanish CRE, though not a direct listed-entity peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MERCAL INMUEBLES SOCIMI SA