One of them will be focused on the logistic sector and the office market, reveals newspaper Expansión. It should operate, at first, only in Madrid and Barcelona. Renta charged American bank Btig of searching and selecting 20 investors to become their new REITs shareholders.
The other REIT will be focused only on the hotel market and, as reported by the same newspaper, it should only have one shareholder. Its mains focus will be the municipalities located in the Mediterranean Sea. The Canary and Balearic Islands are two examples.
Renta will provide each REIT with between 600 and 1.000 million euro in investment capacity, said Renta’s CEO Luis Hernández de Cabanyes to the same newspaper. He expects each of the REITs to generate returns of around 10%.
The company’s predictions for the end of the year encouraging: Renta should reach 20 million euro in benefits, which represents a growth of around 20%.
Photo: Renta Corporación