The SOCIMI tuTechô has successfully completed a €10.2 million capital increase to continue purchasing properties, a transaction that received the green light from the company’s board of directors in March and which has had the Spanish Development Finance Company (COFIDES) as an anchor investor, through its Social Impact Fund.
“The aim is to continue scaling up our model: to reach further, to buy more homes so that more social organisations can support more people experiencing homelessness on their path towards independent living, through the dignity and stability of a home. And to do so together, as always: investors, NGOs, public authorities, philanthropists and businesses”, explained Rocío del Mar, CEO of tuTechô.
The company, which made its debut on the BME Growth market in April 2024 and became the first listed social real estate investment trust (REIT) dedicated to housing, aims to build a diversified residential portfolio across Spain in locations where there is the greatest need for housing for people experiencing homelessness and extreme vulnerability, while generating sustainable rental income. Its investment strategy is based on acquiring existing, scattered properties to repurpose them. It will continue to meet this objective thanks to the funds raised through this capital increase, which will be allocated entirely to new property purchases.
To date, the company has mobilised €70 million in investment, not including the €10.2 million it has just raised through the capital increase.
With these new resources, it plans to add around 80 new homes to its portfolio in the near future – the average price of its transactions is usually around €130,000 – meaning that in the short term it could increase its portfolio to 600 properties – it currently has around 500 – characterised by a broad geographical presence. For example, it operates in a total of 24 provinces, from Madrid to Barcelona, including Córdoba, Málaga,Alicante, Valladolid and Asturias.
The SOCIMI operates by purchasing flats on an “ad hoc” basis according to the needs of social organisations, which are responsible for paying the rent on the properties. The properties may be owned by private individuals or companies, and the affordable rents charged are around 30% below market rates. If necessary, social organisations can request assistance from the Techô Foundation to meet the rent payments. This helps prevents defaults that could jeopardise the project’s financial sustainability. The company currently works with over 90 social organisations, although it is calling for new NGOs to join its operations.
Following this capital increase, its market capitalisation now exceeds €63 million, with a share capital of €8.6 million, fully subscribed and paid up, represented by 57,348,336 ordinary voting shares, each with a nominal value of €0.15. The new shares are ordinary shares and are identical to those currently in circulation; they are represented by book entries, the accounting records for which will be maintained by Iberclear.
