2 November 2018 – La Información
The Socimi Vitruvio, which focuses on the residential market, wants to take a new step on its journey and get rid of its industrial assets. In this way, the Socimi, which has Joaquín López-Chicheri as its CEO, will focus on the residential sector, above all, although without neglecting its commercial assets or offices. On the other hand, it will dispose of the least glamorous part of its real estate portfolio, its logistics warehouses.
This part of its business, worth €12.8 million, according to the company’s own accounts, generates a return of 9.3% – the highest of any of its divisions – and has an occupancy rate of 100%. Despite that, the company’s plans involve forgetting about these types of assets, which they consider to be “residual” and “non-strategic”.
“We have always thought that residential is the safest type of asset”, say sources at the company. On the other hand, they recognise that diversification is due, in large part, to the need to generate higher profits to access dividend payments to shareholders. “Residential has the capacity to generate a lower recurring return, unless you assume one more level of risk”, said the CEO of the firm.
Where are this Socimi’s industrial assets located? The firm led by López-Chicheri owns properties of an industrial nature in Mercamadrid and Yunquera de Henares, a town close to Guadalajara.
The first of them, located in the aforementioned distribution platform, has a market value of €2.82 million, which represents a price of €526/m2. The second, on an industrial estate in the town of Yunquera de Henares, Guadalajara has a market value of €5.2 million. That asset has a surface area of 13,587 m2 and a price of €381/m2.
The Socimi that now wants to divest the logistics component of its assets has a “patrimonialist” vision, according to its CEO. In this way, the firm has diversified its assets to reduce risks. “The portfolios that traditional patrimonialist firms have are normally distributed between residential, well-located commercial premises and offices. And that is what Vitruvio has”, said the executive.
This real estate investment company was constituted in June 2014, under the Socimi tax regime. Since then, it has undergone several capital increases – raising almost €30 million in total – to acquire assets and position itself ahead of its stock market debut.
The bell was rung in July 2016, two years after its creation, at a price of €12.63 per share and with 126 shareholders. Nowadays, Vitruvio’s shares are listed on the Alternative Investment Market (MAB) through the fixing system – with two daily auctions – at a price of €13.70 per share.
In January of that same year, the company carried out its largest capital increase to date raising €11.5 million. Thanks to that, the number of assets increased along with their value to exceed €100 million.
Original story: La Información (by Lucía Gómez)
Translation: Carmel Drake