Oakstone Capital, S.A.

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What it is

Oakstone Capital is a Special Purpose Vehicle — a single-purpose company — incorporated in Panama in April 2025 under the initiative of Calidad Inmobiliaria (CI), designed to hold, operate and finance real estate assets. In plain terms: CI packaged two of its Guatemala City properties into a separate listed shell so that outside investors, not just CI itself, can own a slice of the rental income.

The company is incorporated in Panama with active operations in Guatemala, and earns its money by leasing space in two assets: Plaza Kalú shopping centre and the parking floors of Edificio Insigne. The portfolio consists of Plaza Kalú at Condado Naranjo and the Insigne parking block in Zone 15.

Plaza Kalú is a two-level commercial centre with a basement, opened in 2016, covering 18,261 m² of building and 4,238 m² of leasable retail space, with 31 shops, 11 kiosks, 15 storage units and 504 parking spaces. Parqueos Insigne, operating since 2018, adds 266 dedicated parking bays next to hospitals and offices in Zone 15.

The total price tag to acquire both: US$17.2 million (~GTQ 131.2 million) — our calculation based on figures in the Zumma Ratings report.

Who owns it

Oakstone Capital was created as a project of Calidad Inmobiliaria (CI), Guatemala’s real estate developer, which incorporated it under Panamanian law in April 2025. CI holds the controlling Class A shares (full voting rights, no dividends) and initially held redeemable Class C shares used as part of the acquisition financing — those Class C shares are to be repurchased as Class B public offering proceeds come in.

The first tranche of publicly tradeable Class B shares — carrying limited voting rights but full dividend entitlement — began trading on February 4, 2026; the public offering was registered with Guatemala’s Registro de Valores y Mercancías on December 18, 2025, and authorises up to 50,000 shares in total. This first tranche covered 2,000 shares priced at US$1,000 each, traded under ticker ACCBOAKSTONE$1.

The remaining free float (up to 48,000 further Class B shares) is available for subsequent placement rounds. Individual ownership percentages of CI’s own stake are not disclosed in available sources.

Who runs it

Oliver Leonowens, Co-CEO of Calidad Inmobiliaria, is the public face of the Oakstone project and the voice behind its exchange listing. Mercado de Transacciones, S.A. — the securities arm of Banco Industrial, Guatemala’s largest bank — leads the placement structure and acts as the offering agent.

The individual directors and executive officers of Oakstone Capital S.A. itself (CEO, CFO, board chair) are not disclosed in available sources, consistent with the SPV structure in which CI’s management team effectively governs the vehicle. The securities depository is Central de Valores Nacional, S.A., which handles share registration and dividend payments.

The money, in plain words

Because Oakstone was incorporated only in April 2025, there are no audited historical revenue or profit figures — the rating agency worked from a financial model and unaudited data from the two underlying property companies. From 2026 onward, annual rental and parking revenue is projected to exceed US$2 million (~GTQ 15.2 million), growing at roughly 3% per year through lease-escalation clauses.

The biggest single income line is parking, not retail leases: parking is projected to generate about 61% of total revenue, with retail rents accounting for roughly 37% and billboard/advertising space the remainder. Zumma Ratings assigned the issuer a AA.gt grade — its second-highest, signalling very strong capacity to meet obligations — and a Nivel 2.gt grade to the shares, reflecting very good solvency and earnings stability; the outlook is Stable.

The acquisition was partly funded by a bank loan at 8.0% annual interest in US dollars over 12 years (~GTQ 3.0 million in outstanding debt at the time of rating). The plan is to use Class B share-sale proceeds to pay down that debt early, eventually leaving the vehicle debt-free and distributing rental cash flows entirely as dividends to Class B holders.

What it is doing now

Oakstone’s most recent material step is its formal incorporation into the Guatemalan stock market through the Bolsa de Valores Nacional — a move CI frames as opening real-estate investment to a broader pool of local and international investors. Placement is handled exclusively through Mercado de Transacciones, S.A., Banco Industrial’s securities house.

The first 2,000 Class B shares (US$2 million / ~GTQ 15.2 million) represent only 4% of the full 50,000-share programme; further tranches will follow as investor demand develops. Proceeds from each round retire the bank debt and redeem CI’s Class C shares, progressively converting the vehicle from a leveraged, privately held structure into an unencumbered, publicly owned one.

What to watch

• Occupancy. The Zumma Ratings report notes that roughly 10% of Kalú receivables already carry arrears over 90 days — a figure to monitor as retail conditions shift.
• Debt repayment pace. How quickly Class B placements sell determines how fast the 8% US-dollar loan is retired; slower placement means longer interest drag on distributable income.
• Subsequent share tranches. Watch for the second and third Class B offerings; the price and absorption rate will be the first real market test of the asset’s perceived value.
• Concentration risk. Two properties in one city is a thin portfolio; any deterioration at Plaza Kalú or Parqueos Insigne hits the whole vehicle.
• Audited financials. As the first full operating year (2026) closes, expect the first audited income statement — this will be the moment to compare projected versus actual rental yields.

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This is news, not investment advice.