ALL IRON RE I Socimi acquires a property in Bilbao for €5.1M

ALL IRON RE I Socimi acquires a property in Bilbao for €5.1M

ALL IRON RE I Socimi announced today to BME Growth the acquisition of a new property in Bilbao, for an amount of 5.1 million euros, in order to build a complex of 45 serviced apartments, as it is called in the sector to the traditional aparthotels that incorporate an innovative and differential offer. They will be used for short and medium stay accommodation.

The operation implies a new step within the company's growth strategy, which currently has a portfolio of 9 properties, all of them destined for urban accommodation, to which this new asset will be added.

In addition, it represents the consolidation of the presence of ALL IRON RE I Socimi in Bilbao, where it already has two other assets. One of them, made up of 9 tourist apartments and located in the heart of the city and a few meters from the Guggenheim Museum, recently opened its doors by the operator Líbere Hospitality. The company expects that the other asset located in the Biscayan capital will be in operation over the next few months.

Located in the heart of the city

The new property is located on Calle Ledesma, 5 in Bilbao, in the heart of the city, in the restaurant area par excellence and 10 minutes from the Guggenheim Museum. The building has a total area of ​​approximately 1,954 sqm and has 5 floors.

The project foresees the construction of a complex of 45 serviced apartments for short and medium stay accommodation, both tourist, family or business.

In the current context marked by the COVID-19 pandemic, the serviced apartments business is proving to be an active refuge within the accommodation sector, since its versatility and greater functionalities are very attractive to meet the needs of customers, both short stay and medium stay.

After this operation, the company's total portfolio has 10 properties, 4 of which are in operation (Madrid, San Sebastián, Vitoria and Bilbao), 2 under construction - which are expected to come into operation throughout 2021 -, and another 4 under development, which are expected to come into operation between 2022 and 2023.

In addition, the company continues with its growth process, actively analyzing the acquisition of new properties to expand its business model, with a special focus on key cities such as Barcelona, ​​Madrid and other capitals in southern Spain, among other locations.

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