The Socimi obtained revenues of €1.3 million in 2019 compared to the €571,100 it invoiced the previous year.
Elix VRS closed 2019 with losses of €2.5 million, up by 56% compared to those registered in 2018, as reported by the firm to the Alternative Investment Market (MAB).
The Socimi, which is owned by Altamar and KKR, obtained a turnover of €1.3 million in 2019 compared to the €571,100 it invoiced the previous year. The company explains that this is due to the “expansionary cycle that the group is in and its value creation strategy.”
26 October 2018 – Eje Prime
Elix VRS is continuing to grow its portfolio as a listed company. The Socimi, led and founded by Jaime Lacasa and Jorge Benjumeda, has acquired a building in Barcelona for €4.1 million, according to a statement filed by the company with the Alternative Investment Market (MAB).
The purchase of the property, located on Calle Consell de Cent of the Catalan capital, has been financed in part by the company’s own funds (45%) and in part by a loan (55%). The loan, granted by CaixaBank, has a five-year term and a quarterly repayment schedule.
This operation follows the acquisition of four buildings in the centre of Barcelona that the company carried out in August for €34 million. The new assets of Elix VRS, controlled primarily by the property developer Elix and the funds KKR and Altamar, are located in iconic areas of the Catalan capital.
During 2018 and after just one year of life, the Socimi already has 25 projects underway in Madrid and Barcelona. With this volume of operations, the real estate company is going to put more than 300 homes on the market. Six of these projects are new build and the other 19 are renovations.
Elix’s plans involve buying around forty buildings by 2021 to subject them to comprehensive renovations and place the homes on the rental market once they have been renovated. These rents will fee the Socimi, which plans to rotate the portfolio of assets that it builds every three years.
Original story: Eje Prime
Translation: Carmel Drake
23 October 2018 – Idealista
The Socimis are continuing to grow their portfolios with the acquisition of new assets. Following the purchase of four residential buildings in Barcelona for €34 million, Elix VRS, the Socimi owned by the property developer Elix and the funds KKR and Altamar, is finalising the purchase of new assets amounting to €14 million, as explained by the group in a statement filed with the Alternative Investment Market (MAB).
The company has carried out an update of its forecasts as a result of the upcoming purchase of four assets in Barcelona involving an investment of €14 million. In this way, the company is planning to grow revenues to €578,000 in 2018 and to €1,809,000 in 2019, which represents an almost tripling of the figures following the update. “These forecasts have been prepared on the basis of prudent criteria, taking into account only the assets in the portfolio and the assets committed contractually”, explain sources at the group.
The four residential buildings that Elix’s Socimi purchased are located in the Catalan capital, in the Born neighbourhood, on Calle Comerç and Calle Ribera, as well as on Avenida Gran Vía de les Corts Catalanes and Calle Notariat. The acquisition was financed in part (35%) using the company’s own funds and in part (65%) using a mortgage loan secured by the four assets granted by Caixabank.
In just one year, the Socimi owned by KKR, Elix and Altamar has launched 25 projects (six new builds and 19 renovations) in Madrid and Barcelona. In this way, the group is planning to launch more than 300 homes onto the market.
The plans for Elix VRS involve debuting the entity on the stock market in 2019 and purchasing around forty buildings over three years, which it will subject to a comprehensive renovation before placing the newly renovated homes on the rental market.
Original story: Idealista (by Custodio Pareja)
Translation: Carmel Drake