Barcelona skyline

Barcelona skyline

Spanish REIT, Galil, adds Barcelona building to portfolio.

Galil Capital RE Spain SOCIMI, S.A. (YGCS:MCE) has purchased a residential building on Concepcion Arenal 79, Barcelona for €4,180,000.

Led by Jerry Mandel, a former director of Investment Banking at Merrill Lynch in Tel Aviv, the fund invests in residential properties in major cities in Spain, primarily in Barcelona and Madrid having started operations on the 1st of December 2015.

The property, which has a built area of 2,873m², is practically fully let and set across 6 floors with 24 flats and 3 retail premises on ground level. This acquisition brings the number of assets in the SOCIMI’s portfolio up to 10 assets and a total built area of 16,158m² distributed across 175 flats and 28 retail units.

The acquisition has been financed through the resources obtained from the REIT’s latest capital increase carried as well as a €1 million loan backed by their building on nº 689 Corcega street in Barcelona. The loan agreed has monthly amortization, a 20-year duration, and a 1.80% interest rate during the first year followed by an interest of 1.80% over Euribor (12-months) for the following years.

As of last trade Galil Capital RE traded at €11.90 per share, in line with its 52-week high of €11.90, set on August 12, 2019.

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