Almagro prepares a capital increase of €50M to boost its growth

Almagro prepares a capital increase of €50M to boost its growth

The board of directors of the Socimi has proposed a capital increase for the amount of fifty million euros without preferential subscription rights, in order to promote its growth plan by which it calculates to make an investment of 250 million euros during the next three years, as the company has communicated to BME Growth.

The capital increase will be carried out through the issuance of forty million new ordinary shares with a subscription price of at least 1.25 euros per share, adding the nominal value plus the issue premium.

This is the second capital increase carried out by the Socimi in the last year, after an injection of sixteen million euros last September. The operation registered an oversubscription of 20% and entailed the incorporation as shareholders of Ibervalles and Mutualidad de la Abogacía.

Almagro's main investors are expected to attend the expansion, the fifth since the creation of the Socimi and the third since it began trading, but with different weights, which would modify the current shareholding division, according to El Confidencial.

At the end of 2020, the market value of its asset portfolio amounted to 42.8 million euros and, as of March 31, the value of the projects under analysis exceeded 200 million euros, according to what Almagro announced.

At the end of March, the company had 88 assets in its portfolio with a total of 12,911 sqm located in Madrid. For future investments, the company is studying leaving the capital city and points out the provinces of Barcelona, the Balearic Islands, Valencia, Seville, Malaga, Vizcaya and Gipuzkoa and Lisbon and Porto.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!