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APG to Inject €250M of Additional Funding into its Socimi with Renta

Posted by: In: Real Estate 06 Mar 2018 Comments: 0 Tags: , , , , , , , , , , ,
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1 March 2018 – Expansión

Vivenio, the Socimi managed by Renta Corporación, is planning to carry out a second round of fundraising whereby the fund APG will inject €250 million; with leverage, that will result in an investment of €400 million in real estate assets in total. This represents the second capital injection for the Socimi that was created in April last year with a share capital of €130 million and an investment budget of €250 million.

The CEO of Renta Corporación, David Vila, said that the operation must first be approved by the General Shareholders’ Meeting and that the budget will be spent in its entirety in the residential segment. Of the budget for last year, €100 million has already been invested and around €115 million more has already been committed in operations pending completion.

Results

Last year, Renta Corporación generated a net profit of €12.5 million, up by 210% compared to the previous year. During 2017, Renta’s share price rose by 59%. Yesterday, it rose by 3%, to €3.70 per share.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

The post APG to Inject €250M of Additional Funding into its Socimi with Renta appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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