2 February 2018 – Press Release
The Socimi has signed three mortgage loans to finance its on-going investments in Madrid, as well as in Spain’s main capitals.
VBARE Iberian Properties Socimi (VBARE) has raised financing for its next round of investments after signing three mortgage loans amounting to almost €1.5 million (€1,491,786.69) in total and secured by some of the company’s assets in Madrid.
The first loan, from Banco de Crédito Cooperativo, dated 29 January, is secured by 15 assets located in different parts of Madrid and amounts to €675,786.69. The other two have been signed with Banco Sabadell and are secured by two other buildings, also located in Madrid, for a combined sum of €816,000.
According to VBARE’s Director General, Fabrizio Agrimi (pictured above), the Socimi finds itself in a time of great investor appetite, “we are analysing several investment opportunities, not only in Madrid but also in the main Spanish cities”.
Achieving an initial net return of at least 4% without leverage and a discount on the acquisition price of 4% over the market value are the criteria that the Socimi has established in its investment strategy for new assets.
VBARE is a real estate investment vehicle specialising in the acquisition and management of residential assets for rental. It operates under the special Socimi regime and has been listed on the MAB since 23 December 2016 (…).
VBARE currently has a portfolio comprising 197 assets. To date, the company has analysed assets worth more than €500 million and is constantly on the lookout for new business opportunities that fit with its investment policy.
Original story: Press Release
Translation: Carmel Drake