4 October 2018 – Eje Prime
VBare is on a roll. The Socimi has purchased a residential property in Madrid for €10.5 million. It is the largest investment made by the company in a single asset to date, according to a statement filed with the Alternative Investment Market (MAB).
The building, located at number 20 Calle Luchana, has a surface area of 3,285 m2. VBare forecasts that the net yield will amount to 4% once the renovation work has been completed and the property has been leased.
The company has subscribed a mortgage loan amounting to €5.25 million, granted by Banca Pueyo. The rest of the purchase price was financed using own funds.
VBare is a real estate investment vehicle specialising in the acquisition and management of residential assets for their rental. The company, which has been listed on the MAB since 23 December 2016, was created in March 2015 and currently owns a portfolio containing 272 assets.
In July, the Socimi made its debut in Málaga with the acquisition of a block of residential assets for €1.35 million. That operation formed part of the company’s growth plan after it carried out a capital increase amounting to €3.2 million in June.
Original story: Eje Prime
Translation: Carmel Drake