RREF II Al Breck SOCIMI, S.A. (BME:YALB), which has a portfolio of residential properties valued at €70.5 million as at the 31st of December 2018, has sold over €11.6 million euros worth of flats, homes, parking spaces and storage units in the last two months generating a profit on book value of €2.9 million euros, as reported by the company to the Alternative Stock Market (MAB).
As declared by Anthony Seijas, MD of Rialto Capital Advisors, asset manager for Lennar, «our strategy is to provide «value add improvements» to our portfolio and be retail seller of assets.»
The share price is down 25% over a year, but that doesn’t reflect dividends paid which translates into a total shareholder return of c. -1.6%.
The Lennar Corporation, one of the the US’s largest real estate developers listed the vehicle in November 2016, after having entered the Spanish market in December 2014 through the purchase of Segurfondo Inversión, a struggling property fund. The fund initially had 639 rented apartments and homes mostly in central Madrid.
About Al Breck
Al Breck Socimi is a company dedicated to purchasing, renting and managing residential property in core locations throughout Madrid. The management team is comprised of experienced professionals with extensive local market knowledge, property and asset management expertise, and familiarity with the existing portfolio.
Al Breck’s management team is focused on adding value through innovative asset management initiatives that increase rents and maximize returns for its investors.