17 December 2018 – Eje Prime
Renta Corporación has opened up its share capital to a new investor. The businessman Ricardo Urgell (pictured below), founder of the Pachá Group, has acquired 3% of the company through his family office. Specifically, Urgell has entered the share capital of the real estate company after making several purchases in the market and after acquiring a package of shares that had been held by the President of Renta, Luis Hernández de Cabanyes, until now.
Meanwhile, Cabanyes will continue to hold 21.53% of the shares of Renta Corporación, making him the largest shareholder. This latest operation follows other similar deals through which Cabanyes has wanted to facilitate access to the share capital of the real estate company to several investor groups. Now, following the acquisition by Urgell, the President “considers this stage closed and is not proposing any more shareholder movements”, the company said in a statement.
Renta Corporación closed the third quarter with a profit of €11.7 million and is planning to achieve €16 million in 2018 as a whole. The company has acquired more than 2,000 homes over the last 18 months, with a cumulative investment of €450 million. In parallel, the evolution of Vivenio, the Socimi created together with the Dutch pension fund APG, has consolidated its position as a source of recurrent income for the group.
Original story: Eje Prime
Translation: Carmel Drake