Vitruvio buys property in Madrid for €7.6M

Vitruvio buys property in Madrid for €7.6M

According to the Spanish press, this operation was signed on Friday 7 April, and sees the incorporation of this asset into the existing real estate portfolio, adding 4.000m2 spread over 38 homes and 4 commercial premises.

This building will also be refurbished. With an annual rent income of 330,000, Vitruvio expects this to increase following the upgrade or they may sell the homes unit by unit.

According to Expansión, the operation, advised by Baltex Brokers and Arcania, has a peculiar feature in that the vendors have decided that almost half of the agreed price will be covered by shares in the Socimi (the rest will be financed through a loan with Banco Santander). In this way, Oliva de Borbón y Rueda, the last marquis of Villamantilla de Perales and her daughter Cristina de Figueroa de Borbón will go from being the owners of this building, constructed in 1948 and owned by the family since then, to owning shares in the listed real estate company.

Vitruvio plans to undertake new investments amounting to more than €30 million this year, taking the global figure to around €75 million. Joaquín López-Chicheri, CEO at Vitruvio said that « parallel to the fusion by absorption with CPI, which should  definitively be approved between the end of May and the beginning of June, we are engaged in negotiations to acquire more assets».

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