June 13, 2021

The first socimi dedicated to the residential market of senior citizens goes public

The first socimi dedicated to the residential market of senior citizens goes public


Almagro Capital, the first socimi aimed at residential properties for the elderly, debuted on Wednesday in the Mercado Alternativo Bursátil (MAB), with an initial price of 1.07 euros per share, which supposes to value the company in 10 million euros. In the first session rose to 1.08 euros.

The new real estate investment company, managed by the Spanish firm Orfila Management, expects to reach 100 million euros in the medium term. The expansion plan focuses on acquiring real estate in the main Spanish capitals. At present, Almagro Capital already has 14 assets located in Madrid, in the areas of Chamartín, Goya, Chamberí, Princesa, Chopera, Lavapiés, Recoletos, Palacio, Salamanca, Viso, Chueca and Retiro. Approximately, 80% of its portfolio will be invested in areas called "prime".

«In this way, we achieve a conservative diversification, with 80% of its funds invested in stable prices and risk assets. With the remaining 20% ​​we acquired the flexibility to not miss opportunities to create value ", explains Luis de Ulíbarri, lawyer and promoter of Almagro Capital, along with two other entrepreneurs, Francisco López and Felipe de los Ríos. The company already has 72 investors.

«Our investment proposal is part of the social need to propose solutions to the aging of the population and it offers elderly people an immediate alternative to the insufficient pensions they receive, "explains de Ulíbarri. The objective is to acquire housing for seniors looking for a way to monetize their savings on housing. We intend to democratize the investment in real estate through an idea that supposes a more flexible and efficient alternative than the reverse mortgage offered by the banking sector, or the sale of the naked property that private investors offer ».

Renta 4 has acted as registered advisor of the exit to MAB, while Gesvalt has acted as valuer and PwC as auditor and responsible for due diligence.


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