Senior residence located at Calle General Oráa, Madrid
«To maximize the value in the long-term for the shareholders» that is the goal for this REIT specialised in senior residences. In order to reach it, Almagro set up a series of measures intended to maximize the Net Asset Value (NAV) per share, one of them being to reach a 500 million NAV in the long-term. But there is a footnote included in the REIT’s results’ presentation: the company intends to reach a 100 million euro GAV within the next 5 years and if it doesn’t achieve it, «it will start selling its portfolio».
The truth is that the path ahead is long. At the end of last year, the company’s portfolio constituted by 58 assets, was set at 26.2 million euro. With the acquisition of 11 dwellings in January (2.4 million euro), 6 more units in March (for 1.52 million euro) and 4 apartments in June (for 810.000 euro) the portfolio should be estimated at around 30.9 million euro. This means that until 2025, the REIT should spend 70 million euro more in acquisitions.
For Almagro «the predictable change in terms of real estate housing free-market cycle» might generate the «opportunity to keep expanding the portfolio at attractive prices», it can be read in the document made available this Thursday at BME Growth.
The acquisition of prime dwellings with discount, the absence of risks of defaults or turnovers, the high quality of the buildings and tenants, the lack of competition and the assurance of long-term returns are some of the factors which, according to him, offer the REIT advantages within the real estate market.
«The current situation in terms of the economy, the real estate sector and society offers an opportunity to develop dwellings in an expanding market», he concluded.