Advero Properties acquires a residential property in the Barcelona town of Martorell and places its portfolio at 218 homes focused on the affordable rental market.
This is the thirteenth residential asset of the socimi in Spain. It is made up of 24 homes, with 10 parking spaces and storage rooms. Currently, it is fully rented.
This building is Advero's third acquisition in Martorell, where the company will have 61 homes, reinforcing its strategy of balancing its geographical diversification within Spain with economies of scale in the areas where it is already present.
After this operation, in which the seller has been advised by Busquets Gálvez, the socimi's portfolio is made up of 13 buildings with a total of 218 homes, all of them destined for the middle-income rental market.
The company is currently present in Barcelona (eight properties in the municipalities of Rubí, Sabadell, Terrassa and Martorell); Madrid (three assets in the neighborhoods of Tetuán and Vallecas); and Málaga (two properties in the Trinidad neighbourhood). The company hopes to continue consolidating its presence in Madrid and Malaga with new additions in the near future.
Advero finances its growth through a combination of capital increases and bank debt. Its general meeting of shareholders formalized last December a new capital increase of 10 million euros and delegated to the board of directors the execution of a second issue of about 6.5 million euros, scheduled for the first months of 2022.
According to the company's estimates, the ongoing capital increases and access to undrawn bank financing will place its investment capacity at 26.5 million euros for this year.