20 February 2017 – El Economista
Excem Group has opened itself up to the real estate investment business targeting young people and has launched a new Socimi “Excem Capital Partners Sociedad de Inversión Residencial”, wich will debut on the stock market in September 2018. The aim of this new entity is to “professionalise” the “growing” demand for rental homes from students and young professionals.
In a statement, Excem Group said that its “Excem Real Estate” division was created with the aim of becoming a key player in the management of real estate investments aimed at young people. In addition, Excem will co-invest in one of the projects.
“Socimi Excem Inversión Residencial” began its activity with an investment capacity of €12 million and is currently undertaking a capital increase, through which it hopes to raise additional investment capacity of €35 million by April.
In addition, it plans to expand its presence to Madrid, Barcelona, Bilbao, Santiago de Compostela, Salamanca, Valencia, Sevilla, Málaga, Córdoba and Granada.
The new Socimi will invest in homes for students and young professionals, as well as hostels and similar properties, to meet leisure demand, and co-working spaces so that young people can undertake their employment activities in collaborative environments.
Specifically, regarding the management of homes for students and young professionals, Excem has said that its objectives include managing professional leases, which is what students and young professionals from all over the world demand when they arrive in Spain.
In this context, the CEO of the Socimi, Antonio Mochón, said that there are increasingly more young people looking to set up home in Spain’s major cities. They are looking for work and some are even developing business projects that they created during their masters or degrees, and these people need “well-managed, high quality accommodation in central areas”.
Regarding the “hostels”, the firm wants to create a network of hostels and tourist apartments for travellers from all over the world with the aim of having more than 3,000 beds in the domestic market and with a view to “globalising rapidly”.
“The scarcity of professionalised supply at the global level makes this a large investment product with strong, safe projections, given the central locations in each city…and the high returns generated by the business”, said Excem.
Original story: El Economista
Translation: Carmel Drake