Renta Corporación purchases a building to house its headquarters
Renta Corporación purchases a building in Barcelona to house its corporate headquarters
. The investment totals 60 million euros.
. The transaction was financed via a mortgage granted by ING Real Estate Finance and the Institut Català de Finances (ICF).
A new corporate headquarters for Renta Corporación. The company has purchased a building in Barcelona (Via Augusta, 252-260), which is to become the Renta Corporación Building and house its head office. The new corporate headquarters, located in the city’s residential and business district, comes hand-in-hand with the company’s growth over the past few years. Between 2002 to 2006, it multiplied its net profits by almost five, reaching a figure of 47.5 million euros in 2006, and has doubled the size of its team.
“This transaction is especially important in light of the strong growth the company is experiencing,” stated Renta Corporación CEO, César Bardají. He added that “the new facility will meet not only today’s needs but also future needs resulting from our company’s expansion.” After over 15 years in business, which have been characterised by steep growth, this process of corporate integration will allow Renta Corporación to work more efficiently, as well as step up its productivity and enhance its internal communications. Until now, the Barcelona team was spread around various rented office buildings.
The investment totals 60 million euros.- The building in question has six floors plus a ground floor with shop spaces and a basement. Its total surface area is 8,329 square metres above ground and another 9.250 square metres below ground. It was purchased from Mapfre Automóviles S.A. de Seguros y Reaseguros. A total of 60 million euros has been invested in the building and its later transformation, and the transaction, which was financed by means of a 54 million euro, 10-year mortgage, was spearheaded by ING Real Estate Finance with the participation of the Institut Català de Finances (ICF). This financing is in addition to the resources raised by Renta Corporación for the company’s normal activities. As previously announced, the majority of these resources were formalised last February by means of a syndicated loan for a total of 500 million euros.
A modern, functional head office.- In the forthcoming weeks, Renta Corporación will begin to transform the facility to ensure that it meets the company’s quality, safety and sustainability standards. The company headquarters will feature spacious areas, plenty of light and modern facilities.
Out of the total area of the Renta Corporación building, the company head office will be housed on the top three floors, which occupy over 3,500 square metres, with the remainding floors being rented out.
30% growth.- Renta Corporación is committed to a steady process of strong growth; it forecasts a 30% increase in its net profit for both 2007 and 2008. Thus, Renta Corporación plans to reach an approximate net profit of 62 million euros in 2007, with 80 million euros in 2008. Worth highlighting is Renta Corporación’s unique business model, which is characterised by the purchase, transformation and sale of real estate and land, with an extremely high rotation rate and a profit-oriented approach. To fulfil this goal, the company has a high degree of flexibility of action in any of its three main business lines (Residential, Office and Land), as well as broad geographical diversification (Spain and major European cities such as Paris, London and Berlin).
Barcelona, July 11, 2007.
