Vbare Pays €6.6 Million for an Apartment Building in Madrid

8 October 2019 The socimi Vbare Iberian Properties has finalised the acquisition of a 10-flat apartment building with two commercial premises on Calle San Andrés, a prime residential area in central Madrid. Vbare paid €16.3 million for the asset.

Original Story: La Vanguardia / EFE

Adaptation/Translation: Richard D. K. Turner

VBare Launches a €30M Capital Increase

19 May 2019 – Eje Prime

VBare Iberian Properties has launched a capital increase to grow its portfolio and make the leap to the main stock market before 31 March 2020. The company has just approved a capital increase amounting to €30 million, which will be executed through the issue and launch into circulation of up to 2,238,339 ordinary shares.

At the same time, the company’s Board of Directors has committed to making “every effort” to list VBare on the main stock market before the end of the first quarter of 2020. The Socimi recorded profits of €1.1 million during Q1 2019 and of €4.8 million in 2018.

Original story: Eje Prime

Translation/Summary: Carmel Drake

VBare’s Profits Rose by 52% in Q1 2019 to €1.1M

15 May 2019 – Eje Prime

VBare Iberian Properties, the Socimi specialising in the management of residential assets, obtained a profit of €1.1 million during the first quarter of 2019, which represents an increase of 52% YoY. Gross revenues from asset rentals rose by 50% YoY during the same period to €461,000.

According to a statement issued by the company, VBare’s asset portfolio comprised more than 300 assets and was worth €57.4 million at the end of March 2019, up by 15% with respect to the end of 2018. The Socimi recorded profits of €4.8 million in 2018, doubling the result from the previous year.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

VBare’s Revenues & EBIT Rise by 28% & 46%, Respectively, in the 9 Month to September

2 November 2018 – Eje Prime

VBare Iberian Properties saw its net result for the first nine months of the year decrease YoY. The Socimi recorded a profit of €1.84 million to September, down by 15.6% compared to the same period in 2017, according to a statement filed by the company with the Alternative Investment Market (MAB).

Similarly, the company recorded gross revenues from rental income of €1 million between January and September, exceeding the turnover obtained during the same period last year by 28%. Meanwhile, its EBIT was 46% higher at €611,000.

Currently, VBare’s portfolio has an appraisal value of €35.1 million. So far this year, the company has acquired 37 homes and two commercial premises in the towns of Móstoles, Málaga and Madrid for €3.7 million. The Socimi also undertook a capital increase in June amounting to €3.2 million.

At the beginning of October, the company also completed its largest investment to date in a single asset. That involved the purchase, for €10.5 million, of a residential property located in Madrid. The building purchase, which has a surface area of 3,285 m2, was financed by the company through a mortgage loan amounting to €5.25 million and own funds.

VBare is a real estate investment vehicle specialising in the acquisition and management of residential assets for their rental. The company was constituted in March 2015 with the aim of generating high returns for its shareholders through the implementation of a value-added strategy and benefitting from the existing opportunities in the Spanish residential market.

Original story: Eje Prime 

Translation: Carmel Drake

Renta Corporación’s Socimi Rembrandt Acquires 156 Rental Homes

17 October 2017 – Cinco Días

Renta Corporación has just completed its second operation for its Socimi Rembrandt Activos Residenciales. Moreover, the deal is the entity’s largest transaction to date. Specifically, it has invested €50 million in rental homes.

The Socimi, which is managed by Renta Corporación and controlled in terms of its share capital by the Dutch pension fund APG, has completed the acquisition of a residential complex comprising three buildings, spanning a total surface area of 20,114 m2, in Aravaca (Madrid).

The vehicle, which is managed by Renta Corporación, has purchased 156 homes with an average surface area of 102 m2 each, along with 168 parking spaces. This real estate asset currently has an occupancy rate of 51.3% and the Socimi plans to make the asset fully operational over the next few months.

This is the second operation undertaken by the Socimi, which was created at the end of April. In June, it acquired two residential complexes on the outskirts of Madrid, in the municipalities of Navalcarnero and Rivas Vaciamadrid, for just over €25 million. Both properties have a combined surface area of 20,891 m2 and contain 335 rental homes.

Renta Corporación entered the Socimi segment this year (…) as the manager and minority shareholder of Rembrandt. The Socimis’ residential sector is less developed in Spain than those of offices, hotels and shopping centres, where Merlin, Hispania, Lar España, Colonial and Axiare rule the roost.

In the rental home sector, the key players are Testa Residencial, the Socimis established by the fund Blackstone, and several smaller entities such as Alquiler Seguro, VBare and Vitruvio. Rembrandt, which is under the obligation to make its debut on the stock market within two years, is a new line of business that is allowing the listed real estate company Renta Corporación to expand its market.

Whilst the management company brings its knowledge of the Spanish market to the table, APG contributes its enormous financial muscle. The experts forecast that this rental homes segment will continue to grow in Spain, where there is increasingly more demand from tenants.

Original story: Cinco Días (by A. Simón)

Translation: Carmel Drake

Vbare Completes €7M Capital Increase

3 August 2017 – Eje Prime

The Socimi Vbare has increased its share capital by more than €7 million. During the preferential subscription period, which ended on 22 July, 154,775 shares were subscribed in total, accounting for 19.63% of the total new shares offered under the framework of the capital increase.

During the discretional allocation period, which ended on 28 July, 391,914 shares were subscribed in total, accounting for 49.71% of the total new shares offered under the framework of the process.

“This capital increase has been performed in response to the demand from numerous investors to continue growing through the acquisition of a series of assets that have been identified and that fit with the company’s strategy”, said Vbare in a statement.

Last month, Vbare acquired two residential properties in Madrid as part of its portfolio growth policy. “The company is continuing to evaluate new investment opportunities in several locations”, said the company, which owns a portfolio of 196 homes in different areas of Madrid.

The company is a real estate investment vehicle, specialising in the acquisition and management of residential assets for rent. It debuted on the MAB on 23 December 2016. To date, the company has analysed assets worth more than €500 million.

Original story: Eje Prime

Translation: Carmel Drake

Paralysis In Trading Amongst The MAB’s Socimis

17 January 2017 – Idealista

The Alternative Investment Market (MAB) has become the catapult for many small Socimis – the real estate investment vehicles that are obliged to debut on the stock market to maintain the tax benefits that they enjoy.

Currently, this platform is home to 28 such companies, of which 17 debuted during 2016, however, not all of them are attracting the attention of investors. What’s more, one in five is trading today at the same price per share at which they debuted and some of them haven’t registered any movements in their share prices at all, which means that they are not being traded.

Examples include some of the most recent companies to debut. One of them is Inmofam 99, a Socimi that has 10 commercial and residential assets in its portfolio, which is owned by the Hinojosa family, the founder of the Cortefiel textile group. It debuted on the MAB on 21 December 2016 at a price of €17.60 per share and it is still trading at that price almost one month later, according to data from BME, the company that manages the Spanish stock market.

The same is happening with RREF II Al Breck, which debuted on the MAB on 30 November 2016, at a price of €5.40 per share, the same price at which it is currently trading. This Socimi, controlled by a company headquartered in Luxembourg, is the owner of almost 700 assets, mainly homes located in Madrid, although it also owns retail premises, one office and several storerooms, garages and basements.

Another Socimi that finds itself in the same situation is Euro Cervantes, a company that holds two investment stakes in its portfolio: one 30% stake in GMP, the owner of homes, offices and land, and one 49% stake in La Maquinista shopping centre, the largest in Barcelona. This vehicle is owned by the Government of Singapore and has been trading at €31 per share since 22 September 2016.

Corona Patrimonial and Heref Habaneras are also experiencing very similar situations. (…).

These five Socimis together have a combined market value of €353.8 million, a figure that increases to more than €900 million in we include Zambal Spain, which has also been having a tough time. This vehicle, which owns several offices and retail premises, whose tenants are giant businesses operating in Spain, has been trading for almost 14 months (it debuted on the MAB on 1 December 2015…). It is currently trading at €1.24 per share, the same level at which it debuted, although its shares have been traded significantly. During its first month on the market, the company moved 10,000 shares and €13,000, whilst during 2016 as a whole, it moved half a million in both shares and cash. (…).

Trading plummets during first fortnight of 2017

A certain degree of apathy is being observed amongst the Socimis on the MAB in these early stages of the year. Some other vehicles should be added to the list above, including Corpfin Capital Prime Retail, Fidere Patrimonio, GMP Property, Hadley Investments, Inversiones Doalca and Mercal Inmuebles. In fact, of the 28 Socimis trading on this platform, only five have been traded, to a greater or lesser extent, during the first fortnight of January.

The most liquid of all of them is Entrecampos Cuatro, the first Socimi to debut on the stock market (back in November 2013) and whose portfolio mainly contains homes, premises, offices and land. In two weeks, this vehicle has seen 188,000 shares traded for €350,000.

The second most liquid has been Trajano Iberia…with 9,000 shares traded for €91,000. It is followed by the office specialist Autonomy Spain Real Estate (3,000 shares traded for €51,000); Vbare Iberian Properties (2,000 shares traded for €32,000); and Optimum RE (€3,000 traded). The latter two hold homes in their portfolios.

As such, and despite the fact that investors do not normally back Socimis on the MAB (because they are smaller entities with less liquidity…), it is true that we have found some companies that have managed to increase their value by double digits since they debuted on the platform, such as Entrecampos and Optimum, which are amongst the few that have seen movement in their shares during the first two weeks of the year.

Original story: Idealista (by Ana. P. Alarcos)

Translation: Carmel Drake

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

Socimi Vbare Will Debut On The MAB On 23 Dec

21 December 2016 – Finanzas.com

The Socimi Vbare Iberian Properties is set to join the Socimi segment of the Alternative Investment Market (MAB) and will start trading on Friday, 23 December.

The decision was taken by the MAB’s Board of Directors, which approved the incorporation of the company into the Socimi segment on Tuesday, after analysing the information submitted by the company and following the issuance of a favourable evaluation report from the Coordination and Incorporation Committee.

On the basis of a valuation report prepared by Grant Thornton, Vbare’s Board of Directors has set a reference value of €12.90 for each one of its shares, whereby valuing the company at €20.6 million.

The trading code of the company, the twenty-eighth Socimi to join the MAB, will be ‘YVBA’ and it will debut through a price fixing system. Renta 4 Corporate is the registered advisor and Renta 4 Banco is the liquidity provider.

The Socimi specialises in residential rental properties and its strategy focuses on the acquisition of real estate assets, their renovation and subsequent rental. It currently owns 183 real estate assets located in Madrid.

Original story: Finanzas.com

Translation: Carmel Drake

MAB Approves Socimi VBare’s Debut On The Exchange

24 November 2016 – Expansión

The Socimi will debut on the stock exchange at a price of €12.90 per share, which represents a total company value of €20.6 million.

The MAB’s Coordination and Incorporations Committee has issued a favourable report to the exchange’s Board of Directors confirming the Socimi VBARE Iberian Properties’ compliance with the joining requirements, after studying all of the documentation submitted by the company.

Prior to joining the MAB, the company will launch a share subscription offer. According to the Spanish Stock Exchange and Markets (Bolsas y Mercados Españoles), the incorporation still requires the approval of the MAB’s Board of Directors.

Renta 4 Corporate is the Socimi’s registered adviser. Renta 4 Banco will act as the placement entity, liquidity provider and agent entity and, in addition, Value Base Underwriting and Securities Distribution will serve as the placement entity for the shares that are going to be issued in Israel, amongst qualifying investors only.

The company’s Board of Directors has set the reference value for each share at €12.90, which represents a total company value of €20.6 million. This estimate has been performed taking into consideration the share valuation report performed by the independent expert Grant Thornton.

VBARE Iberian Properties specialises in residential rental assets. Its strategy focuses on the acquisition of real estate assets, for their subsequent renovation and rental. It currently owns 183 real estate assets, all of which are located in Madrid.

Original story: Expansión

Translation: Carmel Drake