28 July 2019 – Richard D. K. Turner
Al Breck, a socimi owned by the Lennar Corporation, has sold 11.6 million euros of homes, storage rooms and parking spaces in the last two months. The sales led to profits of 2.9 million euros.
Between June and October of last year, the company had already sold 41 assets, pocketing 25.7 million euros (and profits of €10.5 million). The socimi took over the assets, all in central Madrid, when it acquired Segurfondo Investion in 2014.
Original Story: Eje Prime
22 January 2019 – Eje Prime
Lennar Corporation is continuing to squeeze its Socimi. Since October, Al Breck has sold thirty assets from its portfolio for €14 million. The operations have generated an accounting profit of approximately €5.8 million, according to a statement filed yesterday with the Alternative Investment Market (MAB).
This series of sales follows that of another 41 assets that the Socimi divested between June and October, whose volume amounted to €26 million and which generated a profit of €10.5 million.
The bulk of the divestments have been homes, together with storerooms and parking spaces. The plan forms part of the MAB entry strategy, which the company established when it made its debut. Then, the real estate firm owned around 639 rental homes, all located in the centre of Madrid. The Socimi formed its asset portfolio through a purchase operation from Segurfondo Investion in December 2014.
Original story: Eje Prime
Translation: Carmel Drake