The newly constructed building has ten dwellings and one commercial store and will represent a 4.9 million euro investment. The REIT will finance this acquisition with its own resources.
The REIT noted that the purchase’s formalisation is subject to the fulfilment of several terms, amongst which are the ending of the building’s construction works and issuing of licenses, obtaining occupancy certificates and the waiver, from the Barcelona Municipality, of the right of first refusal.
With the conclusion of this operation, the portfolio of the company managed by Francisco Bullón, Rafael Aritio and Alberto Comenge will be constituted by a total of ten assets, seven of which located in Madrid and three in Barcelona.
The company has undertaken several capital increases, until reaching 32.8 million euro, according to the numbers related to 2020. With these resources, joined by the bank financing, the company will seek buildings in Madrid and Barcelona to develop its long-stay corporate apartments model.