Renta Corporación signs a purchase agreement for 4 properties in Berlin
Renta corporación signs a purchase agreement for 4 properties in Berlin
. The company’s first transactions in the German capital
. Estimated investment of 13 million euros
Barcelona, 1st February 2006
Renta Corporación, a company specialising in the acquisition, transformation and sale of real estate, has signed an agreement for the purchase of 4 residential properties in the centre of Berlin with an estimated investment of 13 million euros. These are the company’s first transactions in Germany. Internationally, Renta Corporación is also present in France and Great Britain, where the company has a permanent presence.
“Although our main business is in Spain, especially in Madrid and Barcelona, our presence in international markets furnishes us with a wealth of experience and diversification,” said Josep-María Farré, CEO of Renta Corporación. Indeed, in 2005, Renta Corporación undertook several actions aimed at purchasing real estate in the city of Berlin after analysing the market prospects.
Commenting on the reasons that lead the company to undertake this new venture, the CEO remarked that “independently of specific countries or cities, what is important to Renta Corporación is being able to seize investment opportunities wherever they may arise in major European cities with clear characteristics of stability and liquidity”. The company’s first steps towards expansion in the European market were taken in 2001 in Paris. Since that year, Renta Corporación has acquired several properties in the French capital, and in 2005 purchased its first property in London. “Although Renta Corporación’s activities are centred in Spain, we do not want to miss out on investment opportunities which provide attractive conditions of liquidity and expectations of profitability, provided that these opportunities fit in with our business model,” claims Josep-María Farré.
Background of Renta Corporación
In 2004, its operating revenue reached 228.6 million euros, and net profit for the company stood at 22.4 million euros. The company’s activities are centered around three business units: Residential Refurbishing, Office Transformation and Land Development. It operates in Spain with offices in Barcelona, Madrid, Seville, Malaga and Palma de Mallorca; in France with an office in Paris; in Great Britain with an office in London; and now in Germany.
Several weeks ago, the company announced that it was going to present its Board of Shareholders with a proposal to complete the paperwork needed to request the listing of the company’s entire share capital on the Stock Exchanges in Madrid and Barcelona.
This document is a press release and not a prospectus. Investors should not therefore acquire or apply for any shares or other securities mentioned herein without having previously consulted the information contained within the official prospectus relating to the flotation of company shares on the Madrid and Barcelona stock exchanges, which will be published by the company in due course.
Copies of the prospectus will be available at the registered offices of the Company once they have been published. This document should not in any way be construed as an offer or invitation to treat, nor does it represent an offer to buy or subscribed to shares in the Company. Likewise, the contents of this document and the fact that it has been distributed must not be used as, or form the basis for, any kind of contract or decision to invest and do not constitute any recommendation as regards the securities of the Company.
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