Following the approval of the Board of Directors of All Iron ReI Socimi, the capital of the group will be considerably increased with the ambition to exceed 150 million euros of equity.
According to BME Growht, the accelerated capital increase is priced at EUR 11.5 per share and the company expects it to raise approximately EUR 18 million. This transaction completes the capital increase of EUR 22 million carried out in 2021. Through this new operation, the group wishes to acquire new real estate assets for accommodation in the short and medium term.
The capital increase is scheduled to take place in one week's time, and the shares will start trading in the first half of June.
The group explained that this is a capital increase without preferential subscription rights, with which it "aims to bring in new shareholders and strengthen the shareholder structure with institutional and strategic investors".
The funds resulting from the capital increase will be used for the purchase of new properties. All Iron Re Socimi currently has a pipeline of assets totalling approximately €160 million, all of which are in various stages of negotiation.
The capital increase comes after increasing revenues by 79% to €2.44 million and tripling net profit to €6.2 million. The group has also doubled its size with the acquisition of eight new assets, and now has a portfolio of 17 properties after a further purchase in Seville in early 2022.
All Iron Re Socimi intends to focus in particular on the cities of Madrid and Barcelona, where it intends to considerably strengthen its presence through the acquisition of new assets.
The group currently has 2 hotels in Spain, in San Sebastian and Cordoba, and 14 serviced apartments, including one in Budapest.