17 May 2017 – Expansión
The Socimi Vbare is currently analysing the possible purchase of new rental homes worth €100 million. In addition to expanding its business portfolio, the firm wants to expand the geographical reach of its activity, currently centred on Madrid, to include other cities.
The firm plans to close these operations in the short term provided it manages to raise the necessary funds. It is currently working to secure financing from domestic and overseas institutional investors, according to a statement issued by the company, whose shares are traded on the MAB.
Vbare believes that the Spanish residential market “will continue to attract the attention of large investors in the market and will consolidate itself as one of the priority investment focuses of 2017”.
To this end, the Socimi ratified its intention to raise funds in order to “take advantage of the investment opportunities that will arise in the Spanish market over the next three to five years”.
Vbare has just published its results for the first quarter of the year, which saw it record a net profit of €1.19 million, down by 8.8% compared to a year earlier. The rental income from its housing portfolio increased six-fold to €260,000.
Original story: Expansión
Translation: Carmel Drake