Post by account_disabled on Mar 16, 2024 1:48:48 GMT -5
The Ktesios Socimi, specialized in affordable rentals in non-prime areas of Spain, debuts on the BME Growth and in parallel is studying the deadlines for abandoning its listing on Euronext Lisbon. "We have created a totally different segment within the real estate sector: the forgotten Spain, not emptied. A Spain that all of us and especially institutional investors have forgotten about ," explains Henry Gallego, CEO of the vehicle. Ktesios will be listed at a price of 14 euros per share, which implies a total valuation of the company of 20.4 million euros.
Ktesios is a SOCIMI with a social vocation and recurring returns that invests in non-prime areas with affordable rents. "Our average rents are usually between 300 and 450 euros," says Gallego. Ktesios' business model consists of investing, at attractive prices (with a discount on the market price), in finished residential assets (without developer risk) for long-term rental, located in 'non-prime' locations in Spain with a favorable economic environment. "The average price of the houses we buy is usually between 45,000 and 50,000 euros. There are very few times that the assets need some capex (investment for the rehabilitation of the home), although in some cases they do," says the CEO of the SOCIMI
It currently owns a portfolio made up of 609 properties ( 345 apartments, 27 single-family homes, 1 office, 158 parking spaces and 49 storage rooms) located in nine different provinces in Phone Lead Spain, among which Toledo, Ciudad Real and Murcia stand out due to the volume of assets. "Our goal is to reach 1,000 units by the end of 2023," says Gallego before the bell rings. "We would like to reach 4,000 properties and 6,000 properties in 2026," she adds. Despite being in non-prime areas, the SOCIMI is negotiating its entry into the Madrid market, specifically, in Campo Real where it intends to buy 27 homes, according to what the CEO himself has revealed.
"We have focused on localities where there are still several developments to be liquidated from the 2008 crisis. They are properties already built, which in many cases have been poorly managed or have not been inhabited. That is our business model: creating a solution for affordable housing while we provide the solution to the financial entities and funds that have these assets in the portfolio because this requires very specific management. It is not the same to manage housing in 'prime' areas as in these locations because the tenant is different , the environment is different (suppliers for rehabilitation, renovations, repairs)...", says Gallego.
It is also worth noting that this year, Ktesios launched a Public Acquisition Offer (OPA) on Quid Pro Quo , a SOCIMI previously owned by Renta Seguro, which resulted in the takeover of 99.93% of its capital for an amount close to the 14 million euros. With this purchase, Ktesios also indirectly entered the Madrid real estate market since Quid Pro Quo has a large number of properties located especially in the south of the capital of Spain.
Ktesios is a SOCIMI with a social vocation and recurring returns that invests in non-prime areas with affordable rents. "Our average rents are usually between 300 and 450 euros," says Gallego. Ktesios' business model consists of investing, at attractive prices (with a discount on the market price), in finished residential assets (without developer risk) for long-term rental, located in 'non-prime' locations in Spain with a favorable economic environment. "The average price of the houses we buy is usually between 45,000 and 50,000 euros. There are very few times that the assets need some capex (investment for the rehabilitation of the home), although in some cases they do," says the CEO of the SOCIMI
It currently owns a portfolio made up of 609 properties ( 345 apartments, 27 single-family homes, 1 office, 158 parking spaces and 49 storage rooms) located in nine different provinces in Phone Lead Spain, among which Toledo, Ciudad Real and Murcia stand out due to the volume of assets. "Our goal is to reach 1,000 units by the end of 2023," says Gallego before the bell rings. "We would like to reach 4,000 properties and 6,000 properties in 2026," she adds. Despite being in non-prime areas, the SOCIMI is negotiating its entry into the Madrid market, specifically, in Campo Real where it intends to buy 27 homes, according to what the CEO himself has revealed.
"We have focused on localities where there are still several developments to be liquidated from the 2008 crisis. They are properties already built, which in many cases have been poorly managed or have not been inhabited. That is our business model: creating a solution for affordable housing while we provide the solution to the financial entities and funds that have these assets in the portfolio because this requires very specific management. It is not the same to manage housing in 'prime' areas as in these locations because the tenant is different , the environment is different (suppliers for rehabilitation, renovations, repairs)...", says Gallego.
It is also worth noting that this year, Ktesios launched a Public Acquisition Offer (OPA) on Quid Pro Quo , a SOCIMI previously owned by Renta Seguro, which resulted in the takeover of 99.93% of its capital for an amount close to the 14 million euros. With this purchase, Ktesios also indirectly entered the Madrid real estate market since Quid Pro Quo has a large number of properties located especially in the south of the capital of Spain.
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