Oeste 48 Office Building in Valencia owned by All Iron
REIT All Iron Socimi has an 8 asset portfolio which includes 600 serviced apartments and 300 hostel beds, it is currently estimated at 70 million euro and will start being traded in a few days. A total of 5.7 million shares at a nominal price of 10 euro, representing an initial capital stock of 57.2 million euro, will be distributed. The company’s shares are currently owned by 100 shareholders.
The company announced in a release that its main activity is offering a type of accommodation distinct from traditional accommodation, taking into account that the market is currently going through «a deep transformation globally supported by a growing demand for accommodation which offers new experiences such integration within the local community and benefitting from feeling at home». Considering these new needs, All Iron bets on «acquiring entire buildings for alternative urban accommodation» and «traditional hotels with a business model based on a differentiated offer, for short and mid-term stays to both business and leisure clients».
It is with this business model that the REIT intends to, not only reinforce its offer in Madrid and Valencia, but also to expand towards other Spanish cities such as Seville, Barcelona and Malaga. It should be noted that apart from Madrid and Valencia, All Iron also has properties in San Sebastian, Bilbao (2), Vitoria, Cordoba and Budapest, in Hungary. The company also intends to expand internationally.