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Domo Activos invests €3.6M on a terrain in Malaga
17 February 2020 | Vanessa Sousa

Around 9 months after having acquired 44.82% of the terrain at number 8 Cañada del Tesoro in Malaga, REIT Domo Activos decided to acquire the remaining parcel from the municipality, spending a total 3.636 million euro.

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With the closing of this operation last week, the REIT now has a total 1.055 sqm in terrains, on which it intends to develop 37 dwellings, 58 parking spaces and 37 storage rooms. According to the company’s release, construction works should start as soon as the required licenses are issued.

This acquisition, intended for a real estate development, will allow the company to draw a new path in terms of its construction for rental business. This strategy was adopted by Domo Activos after deciding to abandon the REIT regime last December, due to the legal changes announced for the rental system which did not favour its business model.

Despite the legal changes, the company should remain at the Mercado Alternativo Bursátil, where it has been listed since 2017, but moving to the growth companies’ segment, it can be read in the document.

In tandem, its residential building located at the Calle Arte Figurativo in Madrid seems to be under the investors’ radar. According to Idealista, the company has already received a non-binding offer for the building for around 25.5 million euro.

The company made its first acquisition within real estate in 2017: a terrain in Ensache de Vellacas, in Madrid, where it planned to develop a residential building with 80 units destined to the rental market.