VBARE Iberian Properties has closed the sale of 14 properties in the city of Malaga, in the process of divestment of non-strategic assets started at the end of 2019. The sale price reaches approximately EUR 1.96 million, 3.6% higher than the independent RICS valuation dated 30 September 2022, reporting to the Company very attractive leveraged results of approximately an IRR of 14.26% and a multiple of 1.76x.
In parallel to the sale, VBARE has also informed that it has proceeded to settle the debt associated with these assets, which amounted to EUR 738,000 at the date of the sale.
Since the last quarter of 2019, when VBARE began a process of divestment of non-strategic assets, VBARE has sold 108 properties for a total amount of approximately EUR 14.5 million.
During 2022, in addition to the 14 properties that have just been sold, a further 8 units were sold in the first six months of the year. Overall, this divestment operation, which began in 2019, has generated weighted weighted returns for the company of an IRR of 14.73% and a multiple of 1.79x.