Former Larcovi Employees Create New RE Company

22 October 2015 – Expansión

A new real estate management company has been born. It is called Víveme, a company created as the result of a carve-out from the real estate group Larcovi. “We have been hatching the idea for almost a year; and we have been working towards its launch now, at a time when the results in the sector are improving”, explains Mariam Martín Ferreiro, the President of Víveme.

The new company will be responsible for rendering a range of services to third parties, including land searches, project development, financing searches and the marketing of homes. “We work with cooperatives; financial institutions that own land; and projects that have been foreclosed due to bankruptcy”, says Martín Ferreiro. “Víveme will not take on any developer risk, but sometimes we will provide financial support to investors”, she said.

Behind this new company are several former employees of Larcovi. “There is no large business group behind us, instead, as employees we are also shareholders. We have created Víveme because we believe in the recovery of the market and in our own experience”.

Although it was only launched recently, the real estate company has already got almost one thousand homes under management. “As we start out, we already have several projects underway for the development of 900 homes, mostly in Madrid, of which 500 are already under construction”, says the President.

Forecasts

Thanks to this volume of activity, the company hopes to close the first year with a profit. “With the current portfolio, and another two projects that we plan to start before the end of the year, we hope to end the year with turnover of €1.5 million”. The aim is to manage between four and five new projects per year, whereby delivering 2,000 homes between now and 2020. “We have now obtained financing for a development close to the Castellana and in October we will deliver 57 family homes in Rivas”.

Víveme will compete directly with the banks’ real estate arms, which is not something that concerns its directors too much. “We know that the financial institutions are there, but increasingly they are focusing on their core businesses and we believe that we can compete with them, by offering high quality products and by listening to our clients, personalising each home, not just the finishes, but also letting customers participate in the design phase”.

Víveme is one of numerous companies that will participate in the Autumn edition of the SIMA real estate trade fair in Madrid, which is being held between 23 and 25 October. Other participants include: Iberdrola Inmobiliaria, Vía Célere, Hercesa and TM Grupo Inmobiliario, as well as Servihabitat, owned by La Caixa, and Anida, owned by BBVA

Original story: Expansión (by R.R.)

Translation: Carmel Drake

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