It is unusual for the real estate sector to occur and imaginative solutions occur to them that contribute to alleviate the serious problem of housing suffering from Spain, beyond the search for profitability. Alternative solutions arrive from the social economy, such as the Hàbitat 3 Foundation, for example, the Social Housing Manager that has just starred, together with the Barcelona City Council, the controversial purchase of the Orsola house. But few initiatives arise from the market and private investors. One of them is Tutechô, which operates in Spain for a few months.
Tutechô is a company and is dedicated to buying homes to rent them to those who lack means to rent one and who are part of the wide category of homeless people. The prices to which the floors are leaving are 30% below the market in the areas where they operate. The tenant of each of these homes is one of the more than 50 societies, organizations, foundations and other institutions that are dedicated to helping groups of homeless people, who house them in them: from daughters of charity (in Seville) , the Spanish refugee aid commission (CEAR), Cepaim Foundation, ACCEM, Rescue, Mambré or Sant Joan de Déu, or the same habitat 3, appointment as an example the driver and President of Tutechô, Blanca Hernández.
What makes this initiative unique are two things. The first is that your perspective is essentially business. Tutechô is quoted in the stock market. This is a socimi (quoted investment partner, with extensive tax advantages) whose actions operate in the BMW Growth, the Spanish stock market – priorly called alternative stock market – oriented to expanding SMEs, and promises a profitability of 3% through dividends.
It is a project very similar to that of Pimero H, which was launched in the late 2023 by the employer of the Socimis, Asocimi, and by the network of support for socio -labor integration (RAIS), which through home He has become a reference in the fight against the problem of withouthogarism for more than two decades. First H is controlled by the Álvarez Otero family, owner of 33% of the Santalucía insurer, with a multimillionaire real estate and one of the richest in Spain.
The second peculiarity of Totechô is that it has caught the attention of companies and families of notable investors. The first shareholder is the Hernández family itself, main partner of Ebro Foods, the world kings of rice and pasta, which holds 33.48% through the roots society. And, according to the detail of the most relevant shareholders as of December 31, 2024, they have a direct or indirect participation of more than 5% of the capital: Omega, the family of Alicia Koplowitz (5.48%); Olmogara, by Jesús Olmos, at the head of Asterion, the largest Spanish private capital (5.25%); and the Cosentino family (5%), through the South Society of the stream.
The real estate and infrastructure asset manager (5.01%), founded and controlled by Fernando Gumuzio and Concha Osácar. Azora is considered a vulture fund for several sectors and has several in demands and an unfavorable sentence for bad practices during the housing crisis. Asset Management shore, the family holding of the Riberas family, through which it controls participation in the multinational Gestamp, also appears among the shareholders, although today their participation does not reach 5%. The Burgous Family participates in several real estate projects. Specifically, Jon Riberas, through the Ion Ion Society, is the owner of All Iron, a socimi who has more than a thousand tourist apartments.
Hernández denies that Tutechô contributes to bleach the image of the sector. “We were not born to give a social dye to any real estate, we do not come from the sector. Moreover, “he adds,” it has been difficult for us to add many companies because they were convinced that they were going to accuse them of wanting to wash their image. ” Hernández appeals to the “soul” of companies. “Those in the project is because they believe it, but, look: if they do it for another reason, while doing so I will tell you that I don’t care,” the businesswoman ditch, whose family has through her Hercalianz Holding , 18% of the south -lightened Andaluza of the South (Insur).
The progress of Tutechô is positive. After having started quoting on the stock market on April 26 to 1.02 euros, the title has already expanded its capital twice, up to 11.2 million euros, so the company has reached a value of almost 40 million. The SOCIMI premiered in the Madrid parquet with 28.4 million euros of capital. The goal is to reach 100 million in the next two years. The price of the action is today 2.9% higher than ten months ago.
Mixed worlds
“Tutechô is born from two mixed worlds, that of investments and that of marginality and demonstrates that they are not incompatible,” explains Hernández, who is president of the Ebro Foundation and founder of the Manager Magallanes Value Investors with Iván Martín, a society that society that It manages 3,000 million euros (September data 2024).
“And it is born,” he says, “because I met Alejandro de León and her company Ánima Ventures,” a horse holding between incubation and investment in social and environmental impact projects. Some of the social companies that have supported are Tuuulibrería, (access to second -hand books where the client decides what he pays), Microwd (microcredit for Nicaraguan women to leave poverty), and kiddobytes, (education education for children in children Madrid).
Hernández says that “he was inspired to know some success stories of people who had come forward, not only with an insertion itinerary, but thanks to a home, that dignified them. I made a ‘click’ and realized that, if we gave more homes, more people could leave the street, that this was not being done and that it could be climbed to end the withouthogarism. ”
Hernández and León were a whole year barruing how to develop the project and knowing the “size of the problem we have in Spain with withouthogarism, which not only affects the person who lives in satin, but the women fleeing from home for violence for violence , or those who have fallen into trafficking networks, or the young boys who are in reception centers and that at age 18 they know that they go to the street, refugees, political asyles … it is very broad”. A study by the consultant EY on purpose for Totechô identified three and a half million empty homes in Spain and 40,000 homeless. “Paradoxical, right?” The Andalusian directive question.
369 properties in portfolio
The recipe was going to combine philanthropy with business solution and saw that the best vehicle was a socimi. “If we had created a foundation, who was going to give us the houses? We needed a business solution so that the project was scalable and had more impact, and where the investor is willing to win a little less and focus on a social problem. ”
He found the collaboration of about thirty companies as part of his corporate social responsibility policy, such as EY, Azora (help in the purchase of real estate), Almar (performs the urban consulting), safe rental (manages rentals), National Nederlanden (assures the homes), CVBR (the fees), Cementos Molins or Cosentino, which has pushed to build housing for immigrants Africans who live in settlements around fruit and vegetable greenhouses in Níjar (Almería).
The socimi real estate portfolio is composed today by 360 properties distributed in twelve Spanish provinces (Alicante, Almería, Barcelona, Cáceres, Córdoba, Madrid, Malaga, Murcia, Palencia, Sevilla) that host almost 1,800 people. The type of three rooms is located in a humble neighborhood, well communicated so that tenants have facilities to move to work and never further above a second without elevator “because there are usually many moms with children.”
The company has just communicated at the beginning of February the acquisition of 40 properties, with a total investment of 5 million euros, in different locations in the provinces of Almería, Barcelona, Córdoba, Madrid, Palencia and Sevilla. And at the end of September he announced the purchase of another 33 properties for almost 6 million in Barcelona, Palencia, Sevilla, Madrid, Cáceres and Malaga.
Empty Spain: two birds with a shot
Tutechô has recently joined the initiative of the City of Paredes de Nava to repopulate the province of Palencia. Thanks to its pioneer, this town of 1,950 inhabitants, according to its mayor, Luis Antonio Calderón, has managed to earn 120 new neighbors in two years, maintain classrooms and teachers and arouse the interest of peoples of the province.
A study recently commissioned by the mayor to the University of Valladolid concluded that the province of Palencia needed 1,200 workers to meet the needs of their companies, and one of the solutions he proposed was to attract international talent. Most of the new families of Nava walls come from Latin America and Ukraine. “But we ran out of rent, we were stuck and Tutechô has helped us with the purchase of 7 homes,” thanks Calderón. Tutechô has moved a family that had been in Madrid for two years with the NGO Mundo Justo.
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