The Venezuelan Capriles Family Creates a Socimi: Kowo Real Estate

26 October 2018 – Idealista

Increasingly more families are deciding to channel their investments in property through Socimis. Whilst in August, it was the Koplowitzs who decided to create their own investment vehicle using that structure, now, it is the Venezuelan Capriles family that is throwing itself into the real estate market with its first Socimi, Kowo Real Estate, according to explanations provided by sources in the sector speaking to Idealista News.

In recent years, the Capriles family has become one of the most active in terms of investment in luxury housing through the company Gran Roque Capital. On its shoulders stand the recovery of three developments in Madrid, in the Chueca area (two on Calle Fernando VI and the other on Calle Barquillo). At the end of last year, the company started to market homes on Calle Pablo de Aranda in the El Viso area with the aim of reaching €11,000/m2.

Now, the company is pushing ahead with one of the vehicles of the moment in the real estate sector. The businessman Miguel Ángel Capriles has launched Kowo Real Estate Socimi, with the aim of buying and developing real estate assets of an urban nature for their subsequent rental.

But this is not the first time that the company has considered launching a Socimi. At the beginning of this year, the family announced that it was finalising the constitution of a Socimi to position itself as a leader in the tourist accommodation segment The initial investment in that project amounted to €40 million, according to the business plan provided by Edric Capriles.

The Bluemoon apartments are owned by that Socimi, according to reports from La Celosía. They are located in the El Carmen neighbourhood of Valencia, a stone’s throw from the cathedral and its first commitment in Spain. The company invested €5 million in that aparthotel, comprising homes for tourist use of a residential nature. In addition to Valencia, Málaga and Sevilla are also in the spotlight of the Venezuelan investors.

The real estate business of the Capriles family in Spain comprises luxury housing development and renovation projects. Its corporate network in Spain contains more than twenty companies dedicated to real estate development (Craski Inversiones, Madriski Inversiones…), the sale and purchase of real estate assets on their own behalf (Gran Roque Capital and Invecap Inversiones Inmobiliaria) and the rental of real estate assets (MACL Castellana 56).

Between them, all of those entities own total assets worth €125 million. Invecap Inversiones Inmobiliarias is the most important entity, with total assets of €53.3 million and from which almost all of the other entities depend. The latter, moreover, is the sole shareholder of the recently created Socimi.

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

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