Excem, the SOCIMI [REIT] of room rentals for young people, was floated on Thursday 19 July on the Alternative Stock Market, listed for the first time at 1.40 per share, equal to a total value of the company of Euros 17 million.

The purpose of the company, incorporated in 2015, is to invest in urban buildings located in the city centre of Madrid, Barcelona or of any of the main Spanish cities, which are suitable, after refurbishment and decoration, for room rentals to students and young professionals.

This SOCIMI created the HOMIII (www.homiii.com) brand, a project specialising in the overall management of rentals of shared flats for students and young professionals, known as “millennials”.

Its capital increase last month of Euros 4.1 million in March 2018 signifies the trust in the project of a total of 40 investors, as reported by the SOCIMI.

It reports the current annual level of occupancy to be of 97% and has focused its efforts on Madrid at this first phase. With a little over 20 months of life it has 40 flats, between those purchased and those committed, accounting for over 7000 square metres and 252 rooms under management for the academic year 2018-2019, in the districts of Moncloa, Chamberí, Centre and Salamanca.

In addition, a process of expansion to other cities in Spain such as Valencia, Málaga, Barcelona, Seville and Santiago de Compostela is in the pipeline.

The CEO and executive head of the project, Antonio Mochón, stated that confidence offered to investors has been fundamental for this project. “We have managed to increase the value of shares by 40%. Our continuous growth and our commitment to achieving over 3000 rooms in Spain ensures that we will attain, and possibly exceed, an annual dividend of 5%”, he highlighted.

On this part, the chairman of the Board of Directors of Excem, David Hatchwell, stated that a “milestone” was achieved this Thursday. “Two years ago we began a process of transformation of a segment that sought to provide value to our investors and users. To provide quality and profitability at the right price. An experience in line with the wonderful changes and opportunities brought about in the 21st century”, he added.

As of the flotation of the company on the MAB, the Board of Directors of the SOCIMI is comprised of: David Hatchwell Altaras, chairman of the Board; Mauricio Botton Carrasco, Philip Hatchwell Altaras, David Vega Sánchez, Antonio González Noain, Guillermo Massó López, directors. Miguel Ángel Luna Mansilla has been appointed independent director and José Manuel Ballesteros Pozanco, Board secretary.

Replicated by: La Vanguardia