Vbare Debuts On The MAB With Almost 200 Rental Homes

27 December 2016 – Idealista

With just a few days left until the end of the year, the stock market is still receiving new Socimis. The trickle of debuts is incessant and on this occasion, the star of the show is Vbare Iberian Properties, a vehicle that owns a portfolio of residential rental assets.

The company has debuted on the stock market at a price of €12.90 per share, which represents a market capitalisation of €20.6 million, according to the consultancy firm Grant Thornton, and as such has become the twenty-eighth Socimi to trade on the MAB.

According to idealista.com, the company is backed by foreign capital (one of its main shareholders is the Israeli investment firm Value Base) and it has 183 real estate assets in its portfolio. Almost all of them are homes, but the Socimi also owns some garage spaces and some storerooms.

All of the properties are rented out and are located in the Community of Madrid. They are worth €20.84 million in total, according to Aguirre Newman. Half of the homes are located in Madrid capital, although the company also owns other homes in the municipalities of Aranjuez, Móstoles, Parla and Torrejón de Ardoz. In total, they have a useful surface area of more than 2,000 m2, comprise between one and four bedrooms and have an average occupancy rate of 72%.

One of the objectives that Vbare has set itself for the future is to raise more funds to allow it to expand its asset portfolio and to make the jump onto the main stock market, where some of the largest Socimis are already listed (Lar, Hispania and Axiare; meanwhile, Merlin Properties is listed on the Ibex).

In its market debut prospectus, the Socimi explained that it wants to centre its portfolio on residential real estate assets, aimed at middle-class tenants and located in the metropolitan areas of Spain’s major cities. In other words, areas with significant demand and with future development prospects in the short and medium term.

“Our properties are currently located in the metropolitan area of Madrid, this represents our first phase of investment. Progressively, the Socimi plans to diversify its asset portfolio by acquiring properties in the metropolitan areas of the main provincial capitals in Barcelona, Málaga, Valencia, Alicante, Bilbao, Sevilla, Zaragoza, Palma de Mallorca and La Coruña, which represent the company’s core business”.

Original story: Idealista

Translation: Carmel Drake

Ministry Of Finance Auctions Off 34 Buildings In Community Of Madrid

30 August 2016 – Expansión

The Ministry of Economic Affairs and Finance has announced the public auction of 34 properties owned by the Central Government in Madrid capital and in another nine municipalities across the Community of Madrid, according to a statement published today in the Official State Gazette (BOE).

The properties comprise urban buildings and land in the centre of Madrid as well as in the municipalities of Galapagar, Torrelodones, Somosierra, Boadilla del Monte, Chinchón, Loeches, Tres Cantos, Valdemoro and Estremera.

Bids will be submitted in sealed envelopes and the amount of the guarantee will be 5% of the value of the assets, according the statement made in the BOE by the Delegation for Economic Affairs and Finance in Madrid.

The period for the submission of bids will open tomorrow and will end on 20 October, with the sealed envelopes being opened on 3 November.

In the capital, the properties located in the following places will be auctioned off: Calle General Varela, 21-23; Calle Almagro, 28; Calle Monte Esquinza, 41- ground floor; Calle Cervantes, 6; Calle la Oca 15, ground floor, right; the plot of land on the corner of Avenida Santo Ángel de la Guarda and General Cadenas Campos 19, as well as plots in the APR Calle Cantalejo, in the UNP Ciudad Aeropuertuaria de Valdebebas, in the UZP Ensanche de Vallecas and in the PAU de Carabanchel.

The urban plot on Avenida Santo Ángel de la Guarda, which has a surface area of 3,173.81 sqm and a constructible area of 11,230.15 sqm, has the highest appraisal value (€17.18 million) of all of the assets in the portfolio.

It is followed by the buildings on Calle General Valera de Madrid, valued at €5.9 million and Calle Almagro, worth €3.18 million, whilst in the municipalities, the most valuable building is a rural property in Valdemoro, measuring 46,999 sqm, worth more than €3.4 million, as well as a plot of land in Tres Cantos, valued at €3.2 million.

Those interested in participating in the auction must provide the information detailed in the tender specification document, and may request information about the properties from the State’s Real Estate Service from the Treasury’s delegation on Calle Guzmán el Bueno, or through the Ministry’s website www.minhap.gob.es.

Original story: Expansión

Translation: Carmel Drake

Aguirre Newman Profiles Madrid’s Newest Homes

26 October 2015 – El Mundo

After seven years of continuous decreases, the prices of new homes for sale in Madrid (capital) are on the rise once again. Specifically, they have increased by 8.96% with respect to last year. Or at least, that is one of the findings of a report prepared by the consultancy Aguirre Newman, which studied homes for sale in 242 (unsubsidised) new developments (excluding cooperatives and homeowner associations) in the capital (149) and the Community of Madrid’s 23 main municipalities (122), between July and September 2015. According to the study, this increase is due to the price rises recorded in the most exclusive areas of the centre and north of the city, where demand is highest.

The capital

The report describes the profile of the average new home for sale in the municipality of Madrid: it has a surface area of 109 m2 and a final price of €320,405, i.e. costs €2,937/m2.

The most expensive developments are located in the neighbourhoods of Almagro (Chamberí), El Viso (Chamartín), La Piovera (Hortaleza), Goya and Castellana (Salamanca) and Justicia (Centro), where average prices currently range between €6,500/m2 and €7,000/m2. At the other end of the scale, the cheapest homes in Madrid are found in the districts of Villaverde, Villa de Vallecas and Carabanchel, with average prices of between €1,600/m2 and €1,800/m2.

Another important statistic reflected in the study is that the volume of new homes purchased in Madrid increased by 3% during the first half of 2015, in comparison with the same period last year. Specifically, 1,411 new homes were sold between January and June 2015. This rate of sales is associated with a significant decrease in the average sales periods, which, for a 60-home development have decreased to 17.2 months from 33.2 months last year. (…).

Other municipalities

In contrast to the capital, in the metropolitan area, the average price per m2 of high-rise homes (flats) decreased by 3.46% to €2,310/m2, well below the peak of 2009 (€3,367/m2). Sales in this area also decreased during H1 2015, by 13% with respect to those recorded during the same period in 2014.

The profile of the average home being sold in these municipalities has an average surface area of 130 m2 and a final price of €300,000. In the case of detached homes, the average price is €1,895/m2 with an average surface area that increases to 275m2.

The municipalities located along the A-1 and A-6 motorways are the most expensive, both in terms of multi-family homes and single family homes. Pozuelo de Alarcón is the most expensive town of all, where the average price of flats reaches €3,944/m2 and of detached homes reaches €3,123/m2. At the other end of the spectrum, the municipalities with the cheapest new homes for sale are Móstoles and Pinto, where flats cost no more than €1,400/m2 and detached homes cost €1,000/m2, almost three times less than in Pozuelo de Alarcón.


Aguirre Newman considers that in the areas with the greatest level of activity in the centre and north of the city, where demand is greatest and continuing to grow, prices of new developments will increase by 5% over the next 12 months; whilst in the least popular areas, prices will continue to decrease, although at a more moderate rate than before (by around -5%).

Aguirre Newman also believes that the rate of sales of the new projects that are coming onto the market will continue to be high, “and that most, if not all, homes will be sold off-plan”. (…).

Original story: El Mundo (by Luis M. De Ciria)

Translation: Carmel Drake