VBare Earned €4.8M in 2018 & Plans to Raise More Financing in 2019

5 March 2019 – Eje Prime

The Socimi VBare, which specialises in the management of residential assets, generated a profit of €4.8 million in 2018, up by 100% compared to the previous year. That increase was driven by the strong performance of its rental income and an appreciation in the value of its portfolio.

In this context, the company is going to carry out another capital increase within the coming months to finance the acquisition of more properties and further fatten up its portfolio.

The company’s revenue also increased in 2018 to €1.4 million, up by 33% compared to 2017, when the Socimi generated sales from gross rental income of €1.07 million.

At the end of 2018, VBare’s assets were worth €50 million, up by 76% YoY and the occupancy rate of its portfolio amounted to 90% at year end (vs. 83% at the end of 2017).

Looking ahead, the Socimi plans to continue focusing its investments in Madrid. Already this year, it has purchased a building containing 27 homes and two premises on Calle Vallehermoso in the Spanish capital for €5.2 million. Following that operation, the company’s portfolio contains 301 units.

Original story: Eje Prime (by Roger Arnau)

Summary/Translation: Carmel Drake

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