Tutecho, a socimi dedicated to renting housing to social entities, has been authorized by BME's Market Coordination and Incorporations Committee to begin trading on BME Growth. This new market member has an estimated value of €28.6 million, with an initial price of €1.01 per share. According to the company, its first bell will be rung on April 26.
As a pioneer in the field of socimis with social impact in Spain, Tutecho seeks to combat homelessness through its activity in the market. According to BME Growth, the company will have reduced fees in recognition of its social approach.
Tutecho's operations include the acquisition and renovation of properties, which are then leased to organizations dedicated to helping people in vulnerable situations. This business model not only seeks to provide a roof over the heads of those in need, but also to facilitate their integration into society.
According to the information detailed in its incorporation document, the company has 203 properties in its real estate portfolio, distributed mainly in Madrid and, to a lesser extent, in cities such as Seville, Barcelona, Almería, Zaragoza, Córdoba, Alicante, Murcia and Valladolid. The total surface area of its residential portfolio is 17,403 square meters and its estimated value is approximately 27.3 million euros, according to appraisals carried out by the appraisal group Gloval and the consulting firm CBRE.
The company is also backed by Azora, a Spanish management company with a 5.3% stake. Azora offers support in identifying suitable neighborhoods for new investments and conducts exhaustive studies of the target areas.