30 August 2018
The socimi, launched by the founder of Olapic and a former director at Santander, is specialised in the acquisition and development of properties for rent.
A new socimi has been added to the ranks in Spain. José de Cabo, co-founder of Olapic, and Juan Merino, a strategic consultant and former executive at Banco Santander, have created Gavari Properties, a company that is starting out with a portfolio of fifty homes in Madrid and Malaga.
Specialising in the acquisition and development of properties for rent, the Gavari Properties Socimi has set the goal of expanding its portfolio, looking to add more than 500 assets in Madrid, Valencia and Malaga in the coming years, according to Idealista.
At the end of July, after a round of financing and taking on new partners, Gavari acquired a portfolio of 34 homes in Malaga for around two million euros. The company, which finances its acquisitions with debt, is preparing to finalise the purchase of fifty more homes in the Andalusian capital in the coming weeks.
In Madrid, Gavari Properties already owns sixteen properties, acquired by Juan Merino before founding the socimi. Although it has no plans to make the leap to the Alternative Stock Market (MAB) before 2019, the company has already incorporated leading figures in the Spanish business sector to its advisory board, including Alfonso Vázquez, the general director of Grupo Fiteni, and Itziar Mendizábal, who served as Metrovacesa’s financial and strategy director.
Original Story: EjePrime
Translation: Richard Turner