Barcino Property SOCIMI, S.A (YBAR) has completed a capital increase for a total of €9.7M, which will fund the purchase of residential, retail and office buildings in the Barcelona province. The REIT share price is €1.42, as at market close on Monday, up 6.8% since IPO last December.
The REIT, which is 50.01% owned by dutch investors Barcino Management, B.V., has structured the capital increase in two phases, a preferred subscription, which ended on the 17th of August with the issuance of 3.9 new shares, and another discretionary assignment, which closed on the 3rd of September, with the subscription of an additional 2.9 million shares.
The Spanish REIT was listed on the 21st of December 2017 is managed by Vistalegre Property Management, a Spanish company headquartered in Barcelona. Barcino is chaired by Mateu Turró, former honorary director of the European Investment Bank in Luxembourg and professor at the Universidad Politécnica de Cataluña. The board of directors includes Francesc Ventura, former General Director of Housing for the Government of Cataluña and Ralph Weichelt, an Investment Director at Triple Point Social Housing REIT plc.