Barcino & AP67 invest €7.5M in Madrid & Barcelona.

Álvaro Rubio Garzón and Francisco Escudero López founders of AP67.

Spanish REIT, AP67 Socimi (YAP67), has paid €4,637,00 for various plots of land destined for development in Madrid’s Leganés district. With building rights of roughly 11,000m², the company plans to build an industrial warehouse, a mixed use office-retail project and a residential property comprised of 20 flats, 2 retail units and 40 storage units.

The REIT, which is led by Álvaro Rubio, has focused on development of residential and commercial properties mainly in the centre of Madrid’s Leganes district as well as the surroundings of the Charles III University of Madrid.

With Armabex acting as a registered advisor, AP67 was listed at €6.65 per share on the 8th of May 2018 and has risen 3% to €6.85 as at market close yesterday. Prior to listing, the company was incorporated in 2001 as Akydeko Plus, S. L.

According to the founders, who are both graduates of the Polytechnic University of Madrid (UPM) “the REIT was created with the objective of taking advantage of the technical expertise of the founders, their knowledge of the local market and their professional contacts in order to develop property and create a rental portfolio of income producing properties»

Barcino Property has also shared news of their acquisition of a centrally located residential building on nº57 Calle Joaquín Costa, in Barcelona’s Raval neighbourhood. The property traded at €2.85M and includes two retail units, 9 flats and is 45% let.