26 February 2018 – Eje Prime
Vbare is making profits from its investment in rental assets. Taking advantage of the boom in that market, the Socimi listed on the Alternative Investment Market (MAB) recorded a profit of €2.2 million in 2017, compared to €4.3 million in 2016. Almost half of the amount the company earned last year came from rental income, which amounted to €1 million, up by 122% with respect to 2016.
Vbare’s portfolio, comprising 197 assets, has an occupancy rate of 88.82% and last year saw an average capital appreciation of 61% and returns of more than 6%. At the end of 2017, the valuation of the management company’s portfolio amounted to €28.5 million.
In 2018, the Socimi plans to start investing the money raised over the last few months. After increasing its capital by €7 million in August, the company has started the year by signing a loan for almost €1 million with Sabadell for new acquisitions, as well as a mortgage amounting to €685,000 secured by fifteen of its real estate assets in Madrid.
In this sense, Vbare is finalising the acquisition of an asset worth between €1 million and €1.5 million, a purchase that will be included in the process to identify opportunities in which the Socimi is immersed. The list of potential investments amounts to more than €75 million.
Moreover, the manager wants to branch out of Madrid, with the purchase of assets in other Spanish cities that have “the potential for rental increases in the short and medium term”, according to a statement issued by the Socimi.
Fabrizio Agrimi is the person who will lead roadmap of Vbare, which made its debut on the MAB in December 2016. The executive has headed up the Socimi since last November, following the departure of David Calzada in June. Formerly at Aguirre Newman and a partner at Altan Capital, Agrimi has extensive experience in the business of real estate investments both in the Spanish market as well as in the United Kingdom and Italy.
Original story: Eje Prime
Translation: Carmel Drake