This drop in investment represents a slowdown to the market’s recovery, following last year’s final quarter’s signs of hope, when the 100 million euro barrier was surpassed for the first time since the beginning of the pandemic.
This number has, however, dropped even more when compared to 2020’s first quarter. Most of last year’s first three months were not affected by the pandemic, and MAB closed the quarter with 307 million euro in acquisitions.
Even with a record first quarter, the whole of real estate investment societies closed 424.9 million euro in acquisitions, 44.3% less than in 2019, when the acquisitions reached 762.1 million euro.
During this year’s first quarter, BME Growth registered twelve asset acquisition operations, nine housing buildings, amongst which a senior residence, plus a property with an office building, a hotel and a commercial store.
The REIT with the quarter’s largest acquisition was Next Point with the purchase of a senior residence in Barcelona for 37.8 million euro and a hotel in Girona for 10.7 million euro.
In second place came Zambal, with the purchase of a 10.515 sqm property in Madrid, which includes an office building, for 36.5 million euro, although the operation is still subject to advances in terms of remodelling the complex.
On the other hand, the only commercial asset to be traded was a 6.100 sqm store in Palma de Mallorca occupied by a supermarket chain which was bought by Mercal Inmuebles for 6.1 million euro.
REITs All Iron, Quid Pro Quo, Entrecampos, Home Capital and Almagro also carried out acquisitions during this year’s first quarter, all housing assets.