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This study analyzes the underpricing in a sample of 41 Real Estate Investment Trusts (REIT) that went public in the Spanish market between 2013 and 2019. Results show a significant underpricing on the initial day even though none of the flotations were carried out through an Initial Public Offering but instead through a direct listing. This underpricing is not accounted for by theories on information asymmetry but by certain signaling theories related to capital structure, by investor sentiment and market peculiarities. This research provides additional insights for international investors in one of the largest European REIT markets.

From an Emerging to a Consolidated European REIT Market. The Case of the Underpricing of Spanish Direct Listing REITs