Telxius Creates a Real Estate Arm to Buy the Land its Towers Stand On

23 January 2020 – La Información

 

At the end of 2019, Telxius, the company in which Telefónica holds a 50.01% stake, KKR a 40% share and Amancio Ortega, the remaining 9.99%, created a real estate arm called Inmosites, S.L. with the aim of purchasing some of the land on which its towers are located.

Now, Telxius has injected capital, €6.65 million to be precise, into Inmosites, which is being led by Miguel Garrido de las Heras. The idea is that Inmosites will use the funds to imitate the land purchase model operated by many players in the USA and whereby generate rental income for its shareholders.

However, the company itself has confirmed that it does not plan to buy up all of the land on which its 20,000 towers are located. Telxius’s main market is Europe, with Spain and Germany accounting for 70% of its towers, but it also operates in Brazil, Peru, Chile and Argentina (30%).

Original Story: La Información

Translation/Summary: Carmel Drake

 

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