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Renta Corporación’s Socimi Will Soon Own Almost 1,000 Homes

Posted by: In: Real Estate 26 Oct 2017 Comments: 0 Tags: , , , , , , , , , , ,
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26 October 2017 – Expansión

€170 million / The vehicle has acquired three buildings already and is currently finalising the acquisition of another three, all in the Madrid area.

Renta Corporación’s Socimi, created in April together with the Dutch pension fund APG, has already invested €75 million in the purchase of residential buildings and is preparing to spend another €95 million on three operations that it plans to close within the next month, in the areas of Aravaca, Vallecas and Alcorcón (Madrid). In total, in just over six months, the entity will have purchased six buildings, all in the Madrid area, containing 986 homes and with an occupancy rate of 90%.

The aim of the Socimi, which has been baptised with the temporary name Rembrandt and which will be renamed over the next few months, is to acquire residential buildings located primarily in Madrid and Barcelona, but, occasionally, in other Spanish cities. “All of the operations have been closed in Madrid so far, but that is down to chance, not design”, said the CEO of Renta Corporación, David Vila, yesterday, who assured the market that “(its choice of investment location to date) has nothing to do with the political conflict”, but rather with the smaller size of the market in Barcelona and the greater complexity involved in finding assets for sale.

The Socimi, in which APG owns a 97% stake and Renta Corporación holds the remaining 3% stake, is managed by the latter. The vehicle has committed capital of €130 million and plans to undertake acquisitions in the short term amounting to €250 million. Within two years, when the Socimi plans to make its stock market debut, it expects to have invested more than €1,000 million in properties.

The assets that it has already acquired include a complex of 156 homes in Aravaca (Madrid). The Socimi spent €50 million on the asset, which had an occupancy rate of 51%, with the intention of placing it at full capacity over the next few months.

The other two operations undertaken by Rembrandt correspond to two residential complexes in Navalcarnero and Rivas-Vaciamadrid, involving 335 rental homes, where it has spent €25 million in total.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

The post Renta Corporación’s Socimi Will Soon Own Almost 1,000 Homes appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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