All Iron RE I Socimi announced today in a statement to BME Growth the acquisition of its third asset in the historic center of the city of Malaga for a total of 2.45 million euros. The company's goal is to build 20 apartments for short- and medium-term lease and operation. After the planned works, the building will have an area of 1,450 sqm, distributed in a basement, ground floor, two floors and an attic.
With this operation, All Iron RE I Socimi takes a new step in its growth strategy to position itself in the main cities of Spain, Andalusia being one of the most important areas for the company's expansion. Specifically, of the more than 100 million euros invested in projects during 2021, around 35 million euros were allocated to the Andalusian region. So far in 2022, and counting on this new asset acquired in Malaga, an additional 8 million euros have been invested in the Andalusian community. The company currently has other operations underway to close new purchases in other cities in the region.
After this new acquisition, the total portfolio of All Iron RE I Socimi amounts to 19 properties in 11 Spanish cities and one in Budapest. The company continues its growth process, actively analyzing the acquisition of new properties to expand its business model, with a special focus on the main cities in Spain, such as Madrid, Barcelona, Valencia, Seville, Malaga, etc.
Third asset in Malaga, great attraction for the expansion of All Iron RE I Socimi
The asset acquired by All Iron RE I Socimi is located in the historic center of Malaga, at Calle Beatas, 47, an area with great appeal for the tourist segment. Its location complements very well with the locations of the other two assets, located at Calle Granada, 76 and Plaza del Siglo, 3, which allows a strong positioning in strategic areas of the city.
Currently, the asset is a site that has a facade with Architectural Protection that only preserves vertical structural elements in a semi-ruinous state. The work includes the maintenance of the façade, which will undergo a facelift, and the total reconstruction of the interior of the building.
The opening is scheduled for the third quarter of 2024 and after carrying out the appropriate reforms, the property will have an approximate area of 1,450 sqm divided into a basement, ground floor, two floors and an attic, once the planned works have been carried out. With this distribution, the company plans to build 20 apartments for short and medium stays, that is, urban accommodation that incorporates an innovative and differential offer to traditional aparthotels.