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Spanish REIT owning prime office buildings in Madrid, Barcelona and Paris (via its SFL subsidiary).
Spanish REIT owning prime office buildings in Madrid, Barcelona and Paris (via its SFL subsidiary).
Earns rent from office tenants under multi-year leases with inflation indexation, so occupancy and rent resets on renewal drive results. The Paris offices are held through its listed subsidiary SFL, in which it owns most of the shares. As a Spanish SOCIMI (REIT), it must pay out most of its income.
In one line: A prime-office REIT like a smaller Boston Properties.
Moat: narrow (scale, installed base, brand). Concentrated portfolio of best-in-class, centrally located office towers commands premium rents.
Headquarters: Madrid, Spain · Founded: 1946 · Employees: 226
Size Colonial SFL SOCIMI (COL.MC) is a Spain Real Estate company (Real Estate Investment Trusts) with a market value of $3.58B, the 36th largest of 97 Spain companies the cockpit tracks. Shares closed at €5.27 on 6 Nov 2026.
Performance Over six months the shares fell 1.9%, against -5.1% for the median peer and +8.2% for the Spain market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 3.5% over the last twelve months (peer median +5.0%); the operating margin is 76.0% (peer median 48.1%).
Valuation It trades at 0.55× book value against a peer median of 0.97× (cheapest of 21).
Price implies The share price implies a return on equity of about 7.6%; Colonial SFL SOCIMI delivers 5.6%, so the price asks more than the business earns today.
Credit Colonial SFL SOCIMI has 6 bonds outstanding ($3.81B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 92 bp.
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €434M | €424M | €511M | €400M | €371M |
| Revenue growth | — | -17% | +28% | +8% | — |
| Gross profit | €364M | €354M | €359M | €340M | €307M |
| EBITDA | €336M | €324M | €332M | €316M | €277M |
| Net income | €325M | €344M | €307M | -€1.02B | €7.98M |
| Free cash flow | €151M | €182M | €244M | €142M | €145M |
| Capital expenditure | €11.1M | €12.4M | €6.92M | €12.6M | €9.25M |
| Total debt | n/a | €5.08B | €4.97B | €5.26B | €5.43B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Colonial SFL SOCIMI COL.MC | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% |
| MERLIN Properties SOCIMI MRL.MC | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% |
| Gecina GFC.PA | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% |
| Unibail-Rodamco-Westfield SE Stapled Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod URW.PA | n/a | -7% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | COL.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.3% | +3.0% | 4th highest of 21 |
| 6-month return | -1.9% | -5.1% | 7th highest of 21 |
| Return on equity | 5.6% | 6.0% | 11th highest of 21 |
| Price / book | 0.55× | 0.97× | cheapest of 21 |
| Trailing P/E | 10.0× | 17.6× | 5th cheapest of 19 |
| ROE the price implies | 7.6% | 7.8% | 11th least demanding of 21 |
| ROE delivered | 5.6% | 6.0% | 11th highest of 21 |
| Bond spread | 92 bp | 125 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% | 5.6% |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 1% | 1.57× | 10.6% | 1.3% |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% | 24.2% |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 9% | 0.89× | 7.2% | 9.5% |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 2% | 1.06× | 9.8% | 1.8% |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% | 10.9% |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 5% | 0.96× | 4.5% | 4.8% |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% | 7.9% |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% | 5.4% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% | -1.5% |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% | 7.9% |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 8% | 0.99× | 10.9% | 8.0% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% | 3.1% |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 5% | 1.17× | 10.7% | 5.0% |
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 7% | 0.93× | 10.4% | 6.5% |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% | -3.1% |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% | 4.1% |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 10% | 0.71× | 10.2% | 9.7% |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% | 8.5% |
| Glp J-reit 3281.T | Japan | $4.00B | -2% | -6% | 7% | 1.43× | 5.4% | 6.8% |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% | 5.2% |
Colonial SFL SOCIMI has 6 bonds outstanding with $3.81B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 4.13%, a spread of 92 bp over government bonds.