Socimi Elix VRS to Acquire 4 Assets in Barcelona for €14M

23 October 2018 – Idealista

The Socimis are continuing to grow their portfolios with the acquisition of new assets. Following the purchase of four residential buildings in Barcelona for €34 million, Elix VRS, the Socimi owned by the property developer Elix and the funds KKR and Altamar, is finalising the purchase of new assets amounting to €14 million, as explained by the group in a statement filed with the Alternative Investment Market (MAB).

The company has carried out an update of its forecasts as a result of the upcoming purchase of four assets in Barcelona involving an investment of €14 million. In this way, the company is planning to grow revenues to €578,000 in 2018 and to €1,809,000 in 2019, which represents an almost tripling of the figures following the update. “These forecasts have been prepared on the basis of prudent criteria, taking into account only the assets in the portfolio and the assets committed contractually”, explain sources at the group.

The four residential buildings that Elix’s Socimi purchased are located in the Catalan capital, in the Born neighbourhood, on Calle Comerç and Calle Ribera, as well as on Avenida Gran Vía de les Corts Catalanes and Calle Notariat. The acquisition was financed in part (35%) using the company’s own funds and in part (65%) using a mortgage loan secured by the four assets granted by Caixabank.

In just one year, the Socimi owned by KKR, Elix and Altamar has launched 25 projects (six new builds and 19 renovations) in Madrid and Barcelona. In this way, the group is planning to launch more than 300 homes onto the market.

The plans for Elix VRS involve debuting the entity on the stock market in 2019 and purchasing around forty buildings over three years, which it will subject to a comprehensive renovation before placing the newly renovated homes on the rental market.

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

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