ELIX VINTAGE RESIDENCIAL SOCIMI, S.A. (“ELIX VRS”, YVRS:MCE) has informed that it expects its revenue to grow to €578000 in 2018 and €1,8M in 2019, beating the expectations set out in their IPO memorandum (DIIM). This is mainly due to the operating income of the assets that were acquired in Barcelona during the summer.
As reported by SpanishREIT.com on the 1st of August, ELIX VRS bought four freehold buildings in Barcelona on Calle Comerç, Calle Ribera, Avenida Gran Vía de les Cortes Catalanas and Calle Notariat. The fund paid €34M for the assets and received financing from CAIXABANK.
The vehicle has also announced it is formalising an SPA to deploy an additional €14M into the Spanish property market. The Spanish REIT is owned by KKR, Altamar and Grupo Elix who acts as real estate developer.
Elix VRS was listed on the 17th of July with a share price of €0.95 and is currently trading 15% up since IPO as at market close yesterday. The fund has 25 projects in its pipeline (6 re-developments and 19 refurbishments) in Madrid and Barcelona.
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