Ktesios SOCIMI closes the sale of 18 assets of QPQ in Catalonia for 1.7 million euros

  • This operation is part of the strategy of Ktesios to rotate the assets of QPQ, acquired by SOCIMI in June 2023, to reinvest in its core, affordable rental in non-prime populations
  • Ktesios has proceeded to cancel the debt associated with these assets, which amounted to about 546,000 euros

 

Madrid, December 21 2023 – Ktesios, the leading SOCIMI investment in affordable residential rental assets in non-prime areas, has successfully concluded the sale of 18 QPQ assets in Catalonia for 1,712,000 euros.

This operation is part of Ktesios’ strategy to sell the assets of QPQ, acquired by Ktesios SOCIMI in June 2023, in a period of between 24 and 36 months to reinvest in its core, affordable rent in non-prime towns. The company plans to merge both socimis in the coming months. After this operation, Ktesios accumulates the divestment in a total of 20 assets of QPQ since the change of control occurred last June 30, in compliance with its strategic plan.

Additionally, Ktesios has proceeded to cancel the debt associated with these assets, which amounted to approximately 546,000 euros.

Ktesios SOCIMI ended the first half of 2023 with a revenue growth of 84%, reaching a total of 847,806 euros compared to 460,840 euros in the first half of 2022. Socimi’s unique strategy maintained high demand in the first half of the year, with employment levels exceeding 90%. The company invested 18 million euros from January to June, of which about 13 million correspond to the acquisition of QPQ.

The estimated value of Ktesios’s assets at the end of November is €39.3 million, excluding QPQ’s assets, and is 130% higher than their purchase value, reflecting the strong potential of this market and SOCIMI’s strategy.

Henry Gallego, CEO of Ktesios SOCIMI, says: “With this operation we have successfully exceeded our 2023 rotation targets. The sale of these assets is part of Ktesios’ strategic plan to divest QPQ’s assets to continue strengthening our position in our core: the affordable rental market outside large cities. Also, the assets sold were in stressed market areas of Catalonia, generating a direct impact on our profitability strategy. Having been able to close this operation at a complex time for the real estate sector derived from the macroeconomic situation and the impact of the housing law highlights our ability to materialize divestment opportunities at the most and to do so in the most efficient way, optimizing our resources by opting for the sale of a set of assets rather than dispersing them.”

During the first half of the year, Ktesios SOCIMI completed the IPO process at the BME Growth and the exclusion from trading at the Euronext Access in Lisbon, where it was listed since 2021. The NAV for the share already reaches 27.30 euros, while the value of the share has been revalued from 14 euros to 15.50 euros.

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