Wecity concludes financing to acquire first asset in Madrid

Wecity concludes financing to acquire first asset in Madrid

Asset financed by WeCity located at number 358 Calle Alcalá in Madrid

The high-street retail asset is located at number 358 Calle Alcalá in Madrid, it has a 222 sqm usable area and it is currently leased to ‘The Good Burger’ –owned by group Restalia– for 15 years.

53 days after presenting the project, the company was able to attract capital from 107 investors, receiving 700.000 euro. Cornisa Real Estate, the anchor investor and sponsor of the operation, invested 200.000 euro, with the remaining amount being covered through the former owner’s guarantee and mortgage debt.

The project’s full yield over its own funds is predicted by Wecity to be around 29% after taxes, within a conservative scenario. The estimated dividends should total 3.5%, which represents 350 euro per year after taxes for each 10.000 euro invested.

Rafael Merry del Val, Wecity’s founder and CEO, remarked: «reaching the financing’s goal for our first project in less than a month is the ideal start for Wecity. The investors’ response has been excellent and motivates us to continue identifying future projects».

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