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APG & Renta Inject Another €253M into their Socimi Vivenio

17 April 2018 – La Vanguardia

The Dutch pension fund APG is going to inject €253 million into the Socimi Vivenio, created together with Renta Corporación, which will contribute another €3 million, after the company already spent around €200 million on the purchase of residential assets in Spain.

Vivenio has recently closed the purchase of three buildings in Madrid – two located in Vallecas and another one in Aravaca – for a combined amount of €76 million, which means that it now has around 1,000 homes under management.

With these operations, the Socimi (Listed Real Estate Investment Company) has invested all of the initial committed share capital, which amounted to €130 million, and is starting a second phase, with a new capital commitment amounting to €253 million, contributed by APG for the most part.

This new capital injection will allow the Socimi to acquire new residential buildings worth up to €400 million, with the focus on Barcelona and Madrid, but without ruling out other Spanish cities, according to a statement issued today.

Vivenio was created less than a year ago and aspires to become a leading Socimi in the residential market in Spain.

The Dutch group is going to continue as the majority shareholder of this vehicle, which will make its stock market debut in 2019, and in which it currently controls around 95% of the share capital.

Renta Corporación holds a 3% stake and the remaining shares are held by minority investors.

Original story: La Vanguardia

Translation: Carmel Drake