The real estate company Renta Corporación plans to invest 115 million euros this year in the expansion of its residential Socimi Wellder (100 million euros) and its urban storage subsidiary Cabe (15 million). As explained by its president, Luis Hernández de Cabanyes, and the CEO, David Vila, after the shareholders’ meeting, the real estate company plans to close this year with a profit of 6 million euros and leave behind the losses of 15.9 million euros which was recorded last year.
In 2023, the real estate company suffered the paralysis of real estate activity “which fell by 50%, reaching the lowest levels of the last decade,” recalled Vila, who assured that the rate cuts expected for the second half of the year will reactivate the sector activity.
Renta explained that it has several transactions underway, the three most important in Malaga and Madrid, and plans to boost its profits with the expansion of Cabe, its urban storage company, and with the management of Wellder, a retirement home socimi. , controlled by the Dutch pension fund APG and of which it has 3%.
The president of the firm acknowledged that an additional burden in 2023 was “the approval of the Housing Law, which has generated evident legal uncertainty, discouraging potential investors.” Renta Corporación manages the residential Socimi Vivenio, owned by the APG and Aware funds, which expects to be little affected by the rule since it has 70% of its portfolio in Madrid, 15% in Malaga, Valencia or Palma, cities where it does not It is expected to be applied and only 15% in Barcelona. The firm, Vila explained, plans to continue growing “when opportunities arise” and has already invested 50 million this year.
David Vila explained that the firm will continue with the expansion of Wellder, and this year it hopes to buy 5 residences, which will be added to the 7 they already have, with the purpose of going public before the end of the year: “it will be a technical listing.” , recognized to fulfill the commitments assumed as a SOCIMI.
Cabe, its storage room subsidiary, has already reached 20 centers, mainly in Madrid and Barcelona, ??with around 3,500 storage rooms, and the company hopes to close this year on the entry of a partner who will contribute 5 million euros and help boost the business. In the longer term, he noted, it could bring an institutional investor into the firm.
