Quid Pro Quo purchased 13 dwellings across Spain for €1M

Quid Pro Quo purchased 13 dwellings across Spain for €1M

Safe rental REIT, Quid Pro Quo, has purchased 13 dwellings and several annexes for 912.000 euro. The dwellings will be for rent.

The operation was carried out on the 30th of March through the company’s investment society Invermax and advised by KPMG and Belerofonte Capital.

In this case, «the portfolio acquired is spread across the provinces in Madrid (Getafe, Pinto and Aranjuez), Alicante, Valencia, Seville, Murcia and Toledo», explained Jesús Martí, in charge of Major Accounts at Investment Society Invermax.

Profitability

«Despite the difficulties we had in the last few months due to the pandemic, we were able to acquire these new buildings with an expected gross profitability for their rental of around 7.64% over the purchase cost», explained Antonio Carroza, advisor at Quid Pro Quo Alquiler Seguro Socimi.

With the purchase of this new set of buildings, the portfolio surpassed 160 assets for rent, in total, with a 10% increase of the portfolio’s total combined area.

At the end of 2020, «despite Covid, the assets selected by Invermax for QPQ had maintained an average rent of 9.5 euro per sqm throughout the entire year; which represented a 7.46% profit over the investment carried out», the company assured.

The company’s income from rents increased around 34%, to around 953.000 euro in 2020, compared to the 713.000 euro registered in 2019.

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