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BMB’s Socimi Will Debut On Stock Market In June

6 March 2016 – Expansión

The real estate fund manager BMB Investment Management has already raised capital amounting to €50 million for its new Socimi, Optimum Re Spain, and is getting ready to list it on the stock exchange in June. The investors, which include Spaniards and overseas financiers, are virtually the same as those who participated in its previous funds, Optimum Berlin Property and Optimum Berlin Property Two.

Those two vehicles invested €90 million in the purchase of 60 residential buildings in Berlin between 2007 and 2015. By 2013, given the rise in prices, they had already returned 50% of the capital to investors through rental income. And although the plan was to wait until 2016 to sell the properties, they received an offer for the purchase of 50 of the buildings for €125 million in 2015, which they could not refuse. Given the success of the first two funds in Berlin, the investors have wanted to take advantage of the upwards cycle in Spain.

Last year, the firm BMB created the Socimi Optimum Re Spain, through which it has already purchased nine buildings and is finalising the acquisition of other properties.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake