MAIO Legal has advised the buyer on the agreement for the acquisition of a luxury building from Socimi Home Capital, a vehicle majority owned by two companies: Timón SA (26.61%) -controlled by the Polanco family- and Inmuebles Gil Comes SLU (19.93%).
The building consists of 14 one-bedroom flats, spread over eight floors and 1,047 square metres at Santa Engracia 96. The communal areas include a gym and coworking facilities, as well as a rooftop terrace. Home Capital bought the project in February 2021 for €2.9 million. It is currently still under construction, with an expected completion date in the first half of 2023 and with plans to construct a new building with fourteen flats.
The socimi has a portfolio valuation at year-end 2022 of €90.8 million, a figure 3% higher than the €88.2 million valuation recorded a year earlier by valuer Rics Valuation Standards. Home Capital Rentals closed the first half of 2022 with an operating loss of €283,714, 8.8% more than the same period in 2021, according to the company’s statement to BME Growth.
MAIO Legal advised the buyer on the due diligence and subsequent acquisition agreement with a team led by partner César Álvarez, together with lawyers Crina Radu, Esmeralda Vilchez and Marta Molina.
