Excem Socimi Residencial Launches Homiii, a Brand Specialising in Shared Rental Homes for Millennials

17 April 2018 – La Vanguardia

Excem Socimi Residencial, which, in less than two years of life, has accumulated an asset value of €30 million, with share capital of €12 million, has launched the brand Homiii for the professional rental of shared homes to millennial students and young professionals.

Excem’s Socimi estimates a (stock market) debut value of €1.40 per share, which would represent an appreciation of 40% for current shareholders. Its latest capital increase, in March, amounting to €4.1 million was backed by 40 investors in total.

Homiii (www.homiii.com) purchases properties for residential use, in particular, those that are characterised by their location – in the most central areas of cities -, their quality – they must be renovated, decorated and furnished – and their design – the firm prizes comfort and functionality -.

This professional rental management company has concentrated its efforts in Madrid during the first phase. After just 20 months, it has acquired 40 flats, with a combined surface area of more than 7,000 m2 and 252 rooms under management for the academic year 2018-2019, located in the neighbourhoods of Moncloa, Chamberí, Centro and Salamanca.

The CEO of Homiii and Head of Excem Socimi Residencial, Antonio Mochón, explains that they are “very satisfied” with the results achieved so far. “We have created a business from nothing, and, to date, we have incorporated 40 highly qualified investors who have contributed funding worth more than €12 million”, he said.

Moreover, he highlighted that the firm has dealt with “more than 400 clients and earned a satisfaction rate of 80% for the quality of the homes and the value added”. “Young people feel part of the Homiii community because we offer them a lot more than they are initially looking for. We specialise in adding value to investors and clients, in a market where there is more demand than qualified and professional supply”, he said.

The objective is to exceed 3,000 rooms in some of the main cities in Spain such as Madrid, Barcelona, Sevilla, Valencia, Bilbao, Málaga and Santiago de Compostela. The strategic plan for the business model is to close 2019 with investment of €70 million and to reach €300 million over the coming years through expansion across Spain.

Monchón indicates that one of his challenges has been to achieve security for investors: “a gross yield of 6%, a share price increase of 40%, a default rate of 0% and a commercial occupancy rate of 100%”.

“We understand our business project as a very specialist business model, and for that reason, we are managing to add value to our shareholders and offer professionalised management to our clients. We have achieved great stability in terms of the generation of rents and security for investors”, he explained.

Original story: La Vanguardia

Translation: Carmel Drake

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