In recent months the Socimi All Iron RE I has been very active in the purchase of real estate to open tourist apartments and the intention to continue on this path has been confirmed by approving, at the shareholders’ meeting, a capital increase to attract around 100 million euros and thus reinforce the strategy growth. In addition, the company has subscribed 51 loans convertible into shares that will form part of the capital committed for the expansion.
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The capital increase approved by the Shareholders’ Meeting aims to attract up to 100 million euros, although a margin of up to 120 million euros has been established for maintaining flexibility.
Prior to the launch of the public offering, the company has raised funds for an amount close to 30 million euros through loans convertible into shares, which will happen once the capital increase is completed, they have detailed in a statement.
All Iron RE I Socimi has confirmed that “the objective of this capital increase is to continue reinforcing the growth plan, which already has 11 properties in the portfolio, as well as the putting into operation of the assets that the company currently has under construction or growth”.
Líbere Vitoria Apartments.
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As reported HOSTELTUR, at the beginning of the year the company paid 9.8 million euros for a property in Sevilla to build about 50 apartments. In April, they invested 5.1 million in a building in Bilbao for a complex of 45 tourist apartments and a month ago they acquired, for 15.4 million euros, a 3-star hotel in Barcelona to open 38 short and medium-stay apartments.
The company expects to reach 735 apartments, of which 158 are currently in operation and the rest will be in operation between 2021 and 2024
Of the 11 assets that All Iron RE I Socimi has in its portfolio, five are already in operation in Madrid, San Sebastián, Vitoria and Bilbao, there is one under construction that would come into operation this year and another five that are under development and whose opening It is scheduled between 2022 and 2024.
In addition, the company continues with its growth process, actively analyzing the acquisition of new properties to expand its business model, with special focus on key cities such as Barcelona, Madrid and other capitals in southern Spain, among other locations, such as I had already detailed Antón de la Rica and Mikel Rodriguez, co-directors of Libere Hospitality, the operator with which the All Iron Group is committed to apartments and urban tourism
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