Seguro Rent finalizes the launch on the stock market of its dispersed affordable rental housing REIT named ASAM (Alquiler Seguro Asset Market Socimi).
As you have been able to know elEconomista.es with market sources, The company is preparing the stock market debut on the BME Scaleup for the beginning of December.
Its arrival on the stock market comes after a turbulent November for the REIT market following the Government’s failed attempt to put an end to this model of real estate investment companies, which is thriving throughout the world. Sergi Gargallo, partner and CEO of Rental Seguro, will be the President and CEO of ASAM, which joined the SOCIMI regime in September 2023 and currently has 38 assets, 36 of which can be rented.
As it appears on their website, Its current year-on-year occupancy rate is 96.28%, with an average contract duration of 2.4 years.s. At the moment The real estate portfolio of the SOCIMI has a value of 7.2 million of euros after experiencing a revaluation of 34.7% on its gross book value, also obtaining a gross annual rental profitability of 6.6% on purchase prices. So, The portfolio is rented with an average gross rent of 10.8 euros/m2according to its interim financial statements as of June 30, 2024.
Replicate the QPQ model
The objective of this vehicle is to replicate the business model that Rental Insurance is already carrying out in the market dispersed throughout the national territory and that It worked with what was its first SOCIMI, Quid Pro Quo Rental Insurance (QPQ). In fact, the solid results obtained with QPQ in terms of profitability and growth since its debut in the then called Mercado Alternativo Bursátil (MAB), now BME Growth, in July 2018, encouraged the company to launch another Socimi.
Seguro Rental together with the rest of the investors of this first vehicle, sold this SOCIMI in July of last year to Ktesios. During this time, what was the first SOCIMI specialized in scattered housing rentals in Spain, obtained a gross profitability of 34.3%, with an annualized return of 6.9% for its shareholders.
Just a year ago the company closed the first purchase after benefiting from the SOCIMI regime, as reported by this medium. Specifically, it added 18 new assets to its portfolio for a value of 1,712 million euros. The properties that became part of Asam’s portfolio are located entirely in the autonomous community of Catalonia, more specifically in the province of Barcelona and encompasses locations with high demand pressure for rent such as Badalona, Hospitalet de Llobregat, Mataró, Montcada i Reixac, Ripollet, Sabadell, Sant Boi from Llobregat, Terrassa, and Viladecans.
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