25 June 2018 – Eje Prime
Barcino is injecting cash into its Socimi to continue its progress in the Spanish real estate sector. The manager has increased the entity’s share capital by €10.3 million through the issue and launch into circulation of the same amount of shares with a nominal value of €1 each, according to a statement filed by the company with the Alternative Investment Market (MAB).
The Socimi, which has been listed on the MAB since December, is in the middle of growing its residential portfolio. A month ago, the company invested €2 million in the purchase of around twenty assets in Barcelona, the city in which it has focused all of its operations. Most of its buildings are rental homes, although the manager also owns office properties and commercial premises spread over the metropolitan area of the Catalan capital.
Previously, two days before the end of 2017, the Socimi spent €1.6 million on a residential building on Calle Girona. The company’s Board of Directors comprises Mateu Turró, as the President of the company, and Francesc Ventura and Ralph Weichelt, who both serve as members.
At its stock market debut, Barcino was worth €19.1 million. Specialising in real estate investment and management, the Socimi is controlled (50.01%) by Barcino Management and is managed by a company linked to Vistalegre Property Management.
Original story: Eje Prime (by J. Izquierdo)
Translation: Carmel Drake