Renta Corporación plans to launch new REITs focused on hotels, offices & logistics.

Photo of Luis Hernández de Cabanyes from ElEspanol.com

Renta Corporación is a real estate group which was founded in 1991 by Luís Hernández de Cabanyes who started his career at PricewaterhouseCoopers and has since founded several companies, including Second House and Mixta Africa.

The company already manages a residential focused REIT (Vivenio Residencial SOCIMI) which currently has a market capitalisation of €332 million with over 3,000 properties in its portfolio and the ability to reach a total invested volume of €1.2 billion. The founder announced that the company expects to generate over €20 million of net profit vs the €16.6 million generated the previous year.   

The vehicles have a seed capital of between €300 and €500 million and expect to obtain 50% leverage enabling a total volume of between €600 and €1 billion for the funds which expect to be ready for listing in 4 months’ time.

One of the funds is backed by American investment bank, BTIG, and will focus on offices and logistics in Madrid and Barcelona. The planned hotel REIT has hired Alantra for the fundraising and to seek a financial partner for the company which will focus on properties in the Mediterranean, Canaries, Madrid & Barcelona.

The board has approved a raw dividend payment of 1.9 million for the 30^th of April additional to the 1.1 million raw amount that was distributed last November (a net dividend of €0.028 per share).