Renta Corporation and APG create SOCIMI specialised in the residential sector

Renta Corporation and the Dutch firm APG have created a Socimi which aims to invest 250 million euros in acquiring new residential assets for renting in Spain. 

The new vehicle, already with capital of 130 million euros, will finance transactions up to a maximum 50% of the gross asset value. Their investment focus will be in Madrid and Barcelona, not excluding, however, other provincial capitals in Spain.

The creation of this socimi marks the first appearance of the Dutch pension fund manager APG on the Spanish market, which, through its investment vehicle APG Asset Management, will hold 95 % of its capital.  Renta Corporation will be the owner of 3% of the capital, taking responsibility for the management of the socimi, within its new business strategy. The remaining 2% is held by minority shareholders, the aim being that the socimi will come out on the stock exchange within two years.