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AM Locales Socimi Buys 2 Assets In Sevilla For €6.4M

Posted by: In: Real Estate 09 Oct 2017 Comments: 0 Tags: , , , , , , , , , , ,
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9 October 2017 – Eje Prime

AM Locales has taken its first steps since debuting on the stock market. The Socimi has just carried out its first purchases since it started to trade on the Alternative Investment Market (MAB) in July. The company, which has invested €6.4 million in two assets, has also undertaken a restructuring of its bank financing, through which it will also allocate €23 million to new acquisitions over the next five years, according to a statement issued by the company.

The Socimi has recently acquired two properties in Sevilla, located at number 3 Calle San Eloy and number 4 Calle O’Donnell. Both buildings have been allocated for residential and commercial use and have a combined surface area of approximately 702 m2. AM Locates will undertake work to adapt and renovate the properties to optimise their rental potential.

The group has also recently proceeded to restructure the company’s bank financing, repaying 100% of its existing mortgage debt and short-term bank financing, which had amounted to €30 million.

The new loan, signed with Banco Santander, has a ten-year term and amounts to €53 million in total, split into two tranches. The first, amounting to €29 million, will be fully available to amortise debt, whilst the second, amounting to €24 million (…) will serve to repay the rest of the debt.

The group will, therefore, have financing amounting to €23 million with which to make possible acquisitions of new assets over the next five years. According to the group, “the mortgage guarantee is covered by company assets worth €106 million”.

AM Locales is a real estate investment company that seems to accumulate real estate assets that generate stable long-term rental income. It specialises exclusively in investing in commercial premises of all kinds: high-street premises, retail parks, shopping centres and stand-alone commercial sites with car parks.

The company specialises in managing investments and owning assets, as well as in searching for and managing tenants and the eventual divestment and rotation of properties. The company currently owns a portfolio of 40 properties, with a combined surface area of more than 40,000 m2, located in Madrid, Sevilla, Córdoba, Santander, Zaragoza and Ciudad Real.

The Socimi began its activity in 1990 and since then, has undertaken several real estate acquisitions in Spain. In July of this year, the company joined the MAB, advised by Armabex and with BNP Paribas as the liquidity provider (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

The post AM Locales Socimi Buys 2 Assets In Sevilla For €6.4M appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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