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Thursday, February 22, 2024

Baker McKenzie guides All Iron´s €18m capital increase

Baker Mckenzie Spain has advised All Iron RE I Socimi on a €18 million capital increase, with which the Socimi surpasses the €150 million equity barrier.

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All Iron RE I Socimi has announced the launch of a capital increase of up to €22 million, which is expected to be completed for an amount of around €18 million. The capital increase will be implemented over the next week.

The purpose of the capital increase is to grow the portfolio, using the amount raised to acquire new real estate assets to develop the short and medium stay flat segment, while maintaining the announced profitability targets for shareholders. The focus is mainly on Madrid and Barcelona.

This capital increase follows the publication of solid results obtained by ALL IRON RE I Socimi in the last financial year, showing a very robust business model. At the end of 2021, the company increased its revenues by 79% to €2,439 million, and obtained a net profit of €6.2 million, multiplying by 3.3 times the result of 2020.

The company has also informed that in the coming weeks work will begin on 3 assets in the portfolio: Bilbao Ledesma, Madrid Chamberí and Ronda Barcelona.

Baker McKenzie advised All Iron Socimi with a team formed by partner Enrique Carretero and team leader Carlos Martín.

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