Renta Corporación’s Profits Rose by 14% to €11.7M in September

24 October 2018 – Eje Prime

Renta Corporación closed September with good results. The Spanish real estate group recorded a profit of €11.7 million to September, up by 13.6% compared to the same period in 2017, according to a statement filed by the company with Spain’s National Securities and Exchange Commission (CNMV).

Similarly, the company recorded total revenues of €49.1 million during the first nine months of the year, exceeding its turnover between January and September 2017 by 46%. Meanwhile, Renta Corporación’s EBITDA amounted to €12 million, up by €3 million compared to the previous year.

The sale of several properties in Barcelona and Madrid means that Renta Corporación closed September with an increase in its turnover. Currently, the group’s business portfolio amounts to €179 million. Moreover, the company manages assets for sale in partnership with several real estate funds, with an estimated investment amount of €35 million.

In terms of the purchases made by the group between January and September, highlights include the acquisition of fifteen residential-use properties comprising 1,095 turnkey homes, through its Socimi Vivenio. Those assets are located in Madrid, Barcelona, Valencia, Palma and Málaga and involved the disbursement of €533 million for the company.

Renta Corporación is currently in a process of growth. At the beginning of October, the company announced that it is going to build homes on the site of Esteve’s former headquarters in Barcelona, an asset that it has just purchased from Iberdrola Inmobiliaria.

Orignal story: Eje Prime

Translation: Carmel Drake

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