• Transaction / Assets
    3 residential buildings in Alcorcón & Campo Real
  • Seller
  • Buyer
    Socimi Vivenio
  • € MM

Renta’s Socimi Invests €18M Buying More Homes in Madrid

4 December 2017 – Expansión

The Socimi owned by Renta Corporación and the Dutch fund APG is continuing to focus on the residential market in Madrid. The vehicle launched in April has just closed the purchase of three more residential buildings in Alcorcón and Campo Real, comprising 166 homes in total and involving the disbursement of €18 million.

As planned, Renta recently changed the name of its Socimi, which was created with the temporary name Rembrandt; it has now been changed to Vivenio.

Since its launch, eight months ago, the vehicle has invested €93 million in the purchase of 1,152 homes, all in Madrid and its surrounding municipalities. Although the objective was to buy homes in both Madrid and Barcelona, the opportunities and larger size of the Madrilenian market have meant that until now all the purchases have been performed in the Spanish capital. As such, the Socimi has not yet made its debut in Barcelona, even though Renta Corporación still has its headquarters there.

In October, a few days after the referendum, the real estate company chaired by Luis Hernández de Cabanyes announced that it was considering moving its headquarters outside of Cataluña and that it would be “preparing to take the necessary decisions in an efficient manner”.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake