Barcino Property Socimi adds Raval building to portfolio.

On December 3rd, 2018, Barcino Property Socimi, S.A. (YBAR) purchased a mixed-use building on Calle Hospital nº 105, for €2,350,000. The asset is composed of 9 flats and 1 office and has an occupancy ratio of 89%. To finance this acquisition, Barcino used funds raised in their recent capital increase. The fund currently trades at €1.6 per share, up 20.3% over the last 12 months having more than doubled its market cap since June to over €33.7 million.

As Fodor’s travel guide describes it, “El Raval (from arrabal, meaning «suburb» or «slum») is the area to the west of La Rambla, on the right as you walk toward the port. Originally a rough quarter outside the second set of city walls that ran down the left side of La Rambla, El Raval was once notorious for its Barri Xinès (or Barrio Chino) red-light district, the lurid attractions of which are known to have fascinated a young Pablo Picasso.”

 

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