15 June 2017 – La Vanguardia
The Socimi created by Renta Corporación and the Dutch pension fund APG has closed its first operations in Spain with an investment of more than €25 million.
Specifically, the vehicle, which was launched at the end of April, has acquired two residential complexes in the Madrilenian towns of Navalcarnero and Rivas-Vaciamadrid, which together cover a surface area of 20,891 m2 and contain 335 rental homes.
In Rivas-Vaciamadrid, the Socimi, which is managed exclusively by Renta Corporación, has purchased a building located on Calle Jovellanos, with a surface area of 12,743 m2, which is divided into 200 homes, parking spaces and storerooms.
In Navalcarnero, the new company has completed the acquisition of a property located at number 5 on Calle Pino Negro, which has a surface area of 8,148 m2, spread over 135 homes with parking spaces and storerooms.
According to a statement issued yesterday by the Catalan real estate company, the homes in both buildings are leased almost in their entirety and the Socimi plans to continue this arrangement over the medium and long-term.
This operation represents the launch of the Socimi’s activity in the Spanish market, where it will focus its activity in Madrid, Barcelona and the main provincial capitals, with an investment capacity of €250 million to acquire residential rental assets.
The company, which is currently in the market analysis phase, is working to close new acquisitions over the coming months and to become “a major player in this segment”.
The Socimi’s aim is to debut on the stock exchange within the next two years and accumulate properties worth more than €1,000 million.
The Socimi allows Renta Corporación to expand its market and obtain higher recurring revenues, whilst for APG this move represents its entry into the Spanish market.
Original story: La Vanguardia
Translation: Carmel Drake