Advero Properties Socimi has purchased a new asset. As reported to BME Growth, the firm has purchased a residential property in the Barcelona area and has completed the signing of a new €2 million credit facility.
The building, located nine kilometres east of Barcelona in Santa Coloma de Gramanet, has 21 flats, all of which are already long-term leased, and 35 parking spaces.
This is the 24th residential property to be acquired by the socimi, which specialises in medium-income rental housing. With this purchase, the amount of which has not been disclosed so far, the firm increases its rental portfolio to 389 flats, and raises Advero's portfolio value (GAV) to €60.9m, which translates into a value per share (NAV) of €10.87.
This is the first time that the socimi has invested in the Barcelona municipality, a step that allows the company to "take advantage of existing operations in the region" and thus expand its geographical diversification in Spain.
The company currently has assets in the cities of Madrid, Malaga and Cordoba, as well as on the outskirts of Barcelona, and expects to continue to grow, both in the markets where it is already present and in new regions.
In addition, the company has signed a two million euro credit line with Arquia Bank which, together with the new acquisition in the Barcelona area, brings the LTV ratio to 20%, still below the optimum ratio of 30% set by the board of directors, the company told the bank.
