Inhome buys a residential asset in Madrid's Chamartín district

Inhome buys a residential asset in Madrid's Chamartín district

Inhome Prime Properties continues betting on luxury properties in Madrid, this time acquiring for €777,000 a property in Madrid, in the Chamartín district. The property has a total surface area of 207 square metres and is currently leased, as reported to BME Growth.

Since last January, the socimi has allocated 1.72 million euros to the purchase of three properties, including this last one, which brings its portfolio to a dozen properties. To help finance these operations, last January it carried out a capital increase of 1.5 million euros.

The SOCIMI plans to invest 30 million euros in the purchase of properties, preferably in prime areas of Madrid. Under the management of Helio Capital, the company will invest resources of twenty million euros from its partners, together with another ten million euros provided by a credit line from Banco Alcalá.

Inhome Prime's strategy is to offer landlords a discounted offer on the market price in exchange for a lifetime lease with favourable conditions for the tenant.

Once the tenant dies, Inhome Prime then refurbishes the property to put it back on the market with the aim of selling it within a maximum of six months of the asset coming into its possession. The capex investment calculated by the company is set at 750 euros per square metre. The IRR that Inhome calculates for the investment is 4.5%.

To finance its operations, Inhome carries out capital increases (the latest of 1.5 million euros was approved on 2 December), although it also has a credit line from Banco Alcalá, a subsidiary of Crèdit Andorrà (Creand). Although it has not used these resources for the moment, the credit facility has a ten-year term, renewable, with an interest rate of Euribor plus a three-point spread.

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