In order to finalize the transaction VBARE informs that it has simultaneously contracted a mortgage with Banca Pueyo for 3.43 million euro, using its own available cash to pay the rest.
«The building is mainly residential and the expected net profitability is 4.3%, once all the refurbishment works are finished and the building is fully occupied at market rental prices», remark sources from the REIT.
This building is located in one of the best residential neighbourhoods in the centre of Madrid and has an area of 1.500 sqm.
It’s the second most significant acquisition from VBARE in terms of volume of investment, behind the one carried out in October 2018 in Luchana street in Madrid.
With this operation VBARE increases its portfolio to 301 units (dwellings and commercial locations).