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Hispania Activos of Spain to Trade First Time March 14

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(Corrects headline.)

March 12 (Bloomberg) -- Hispania Activos Inmobiliarios, a Spanish real estate company in which Paulson & Co. plans to invest, will start trading on the Madrid exchange on March 14.

Hispania Activos set its initial offer size at 50 million shares, it said in a regulatory filing today. The shares were priced at 10 euros each.

Private-equity companies including Apollo Global Management LLC have entered Spain’s real estate market after house prices fell by more than 40 percent, while the bad bank created to cleanse lenders of toxic real estate investments is finding buyers for its assets. The plan by Paulson & Co., the hedge-fund firm founded by billionaire John Paulson, to buy a stake in Hispania Activos was disclosed in an IPO prospectus approved by regulators on March 3.

Other investors include Quantum Strategic Partners LP, Moore Capital Management LLP, APG, Cohen & Steers Inc. and the Canepa group, according to the prospectus.

Hispania Activos, which will be managed by Azora Gestion Inmobiliaria SL, will become a Socimi, similar to a real estate investment trust.

To contact the reporter on this story: Sharon Smyth in Madrid at

To contact the editors responsible for this story: Andrew Blackman at John Simpson, Louisa Fahy

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