6 June 2017 – Press Release
At a meeting held yesterday (5 June 2017), the Board of Directors of VBARE Iberian Properties Socimi (VBARE) approved an increase in the company’s ordinary share capital amounting to €3,941,505.00, through the issue of a maximum of 788,301 ordinary shares. The new shares will be issued for a nominal value of €5.00 plus an issue premium of €8.00 per share, which results in an issue figure of €13.00 per share. In the event that the capital increase is fully subscribed, it will amount to €10,247,913.00 in total, in other words, €3,941,505.00 corresponding to share capital and €6,306,408.00 corresponding to the issue premium.
VBARE, which was created with a clear mission for growth, has achieved an average cumulative appreciation in value on the amount invested of 57% (which represents an average discount of 36% on the investment made), which, at the end of the first quarter of 2017, amounted to €15.9 million.
The aforementioned capital increase has been undertaken in response to demand from several investors, with a view to continuing growth, through the acquisition of a series of identified assets that fit with the company’s strategy.
About VBARE Iberian Properties Socimi (VBARE)
VBARE is a real estate investment vehicle specialising in the acquisition and management of residential assets for rental under the special regime afforded to Listed Real Estate Investment Companies (Socimis). The company has been listed on the MAB since 23 December 2016.
VBARE was constituted in March 2015, with the aim of generating a high return for its shareholders through the implementation of a value-added strategy and of benefitting from existing opportunities in the Spanish residential market, which has been showing clear signs of recovery.
For the time being, VBARE owns a portfolio of 182 homes. To date, the company has been analysing assets worth more than €500 million and it is constantly on the look out for new business opportunities that fit the scope of its investment policy.
Original story: Press Release
Translation: Carmel Drake