The REIT’s administrator, Rafael Núñez, explained that «with this investment Whiteni RCajal SOCIMI boosts a new growth strategy based on a business model which offers higher returns than other housing products while diversifying our activity».
The studios and apartments projected by Whiteni RCajal SOCIMI will be mainly directed at expats who need a temporary rental and at professionals with ages between 20 and 25 years old, segments for which, according to Núñez, «there is a growing demand from multinational companies who want to promote the integration of expats in Spain through housing models».
The refurbishing of the buildings will start in mid 2020 and its marketing should begin within 18 months. In total, there will be around 50 units between studios and apartments with more than 330 sqm dedicated to common areas such as meeting rooms, study rooms, co-cooking areas, rest rooms, gym, etc.
Whiteni RCajal SOCIMI’s portfolio, once the two new buildings are integrated, will be worth 29.98 million euro, which represents a 33% increase over March 2019.