A group of young investors, led by Ander Michelena & Jon Uriarte, have launched All Iron SOCIMI, a new Spanish REIT with a portfolio of 8 assets comprised of a portfolio of 600 serviced apartments and 300 hostel beds currently valued at c. €70 million. The IPO issued a total of 5.7 million shares held by 100 individual investors at a nominal price of €10 per share, representing an initial market capitalisation of €57.2 million.
In 2009, Ander Michelena and Jon Uriarte founded Ticketbis, a secondary ticketing market for fans to buy and sell a variety of tickets for concerts, sporting events and such. The firm was eventually sold to eBay in 2016 for a reported €165 million at a time when it operated in nearly 50 countries around the world and employed 450+ professionals across 14 offices in Europe, Latin America & Australasia.
The REIT has announced that it will focus on “buying entire buildings which may serve for alternative urban accommodation” as well as “traditional hotels or hostels with a business model based on a differentiated offer for short and mid-term stays catering to both business and leisure clients”. All Iron SOCIMI aims to take advantage of “the deep global transformative trend that is fuelled by a growing demand for accommodation which offers new experiences such integration within the local community and the feeling of being at home”.
It is with this business model that the REIT intends to, not only reinforce its offer in Madrid and Valencia, but also expand towards other Spanish cities such as Seville, Barcelona and Malaga. All Iron also has assets in San Sebastian, Bilbao, Vitoria, Cordoba and Budapest, in Hungary. The company also intends to expand internationally.