- This capital increase is in addition to the two increases made in 2022, by value
3 million in December and 5 million in June.
- The capital increase will be used in part to finance the acquisition of QPQ SOCIMI,
acquired by Ktesios in June of this year for 13 million euros.
- During the first half of the year, Ktesios SOCIMI completed the IPO process
at the BME Growth and the exclusion of contributions at the Euronext Access in Lisbon, where
trading since 2021, with a revaluation of 30
Madrid, November 28, 2023 – Ktesios, the leading SOCIMI investment in affordable rental residential assets in non-prime areas, has successfully completed a new capital increase by cash contribution and issuance of new shares worth 14,50 euros through an issue of 339,734 new shares of 10 euros in nominal value each and issue premium of 4.5 euros. This represents a total outlay for full subscription in the amount of EUR 4,926,143.
This capital increase is in addition to the two increases made in 2022, worth 3 million in December and 5 million in June. SOCIMI aims to make one or two capital increases a year to continue advancing its strategic plan to invest in affordable rental assets in non-prime areas of Spain.
The capital increase will partly finance the acquisition of QPQ SOCIMI, acquired by Ktesios in June this year. The company’s goal is to sell QPQ’s assets, which have a high potential for short-term revaluation, in a period of between 24 and 36 months to reinvest in its core, affordable rental in non-prime populations.
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. Ktesios SOCIMI’s unique strategy maintained high demand in the first half of the year, maintaining employment levels above 95%. 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 October is over €39.7 million, not counting 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: “Successfully completing a new capital increase in such turbulent times and with stressed markets, the third in less than eighteen months, highlights the firm support of investors to our business model. The potential of the market we operate is enormous, with about a million homes in non-prime areas in the hands of funds or banks that pose a problem for them. Ktesios was born to create a business model that turns that problem into an opportunity, and figures are showing that this market can combine high profitability, low risk and social impact”.
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.