Merlin Properties’ CEO, Ismael Clemente, said it will take advantage of Portugal’s socimi regime when the country’s legislation is open to the incorporation of the so-called ‘community passport’ for companies from other European countries. Clemente was speaking at the III Iberian REIT Conference. Merlin has been in Portugal since 2015. Together with Spain, it is the firm’s strategic market.
Socimis, or Reits as they are called in Europe and the US, have helped revive the damaged real estate sector in Spain since 2009. Merlin Properties has been one of the most successful ones and was listed by Chairman and founder Ismael Clemente in 2014. In his opinion, that was a good year to start because “the cycle bottomed out at the end of 2013.”