- Ktesios has exercised the call options on 99.93% of the shares of Quid Pro Quo Alquiler Seguro.
- This acquisition is part of Ktesios' strategic plan to become a catalyst for small residential SOCIMIS in Spain, while continuing to focus on investment opportunities in affordable rental housing in non-prime locations.
- SOCIMI believes that market consolidation is necessary to offer attractive returns to investors.
Madrid, June 27, 2023 - Ktesios, the leading SOCIMI investing in affordable rental residential assets in non-prime areas, continues its growth with the decision announced today to exercise the call options on 99.93% of the shares of Quid Pro Quo Alquiler Seguro (QPQ) for 12.9 million euros.
In order to acquire 100% of QPQ's shares, Ktesios has launched a 0.07% market order at a price of 1.25 euros per share.
With this move, Ktesios takes another step forward in its growth plan to become a market reference in the residential sector and the catalyst for small SOCIMIS in our country, with the objective of creating efficiencies and offering higher returns to its investors than a micro-partnership could offer. With QPQ's assets, the AUM of Ktesios' portfolio will exceed €60 million. The company plans to merge the two socimis in the second half of 2023.
"We want to be the catalyst for the integration process of micro-socimis. The market considers that there has to be a consolidation of this type of companies to generate attractive returns, as a socimi below 50 million euros is less efficient and does not generate the necessary profitability for its shareholders. This transaction, the first of its kind in Spain, has enabled us to acquire assets with high short-term appreciation potential. Our objective is to sell these assets over a period of 24 to 36 months in order to reinvest in our core business, which is affordable rentals in non-prime locations with high development potential. We expect that with this asset rotation we will be able to generate substantial capital gains," says Henry Gallego, CEO of Ktesios SOCIMI.
The acquisition, which follows the announcement of an offer to subscribe for options on Quid Pro Quo Alquiler Seguro shares published on February 14, 2023, will be effective within the announced deadline, i.e. by June 30, 2023. Following this transaction, Ktesios will continue to focus on access to quality housing and the revitalization of the economy in towns far from the major urban centers, which have a favorable micro-economy and a large potential for revaluation.
"This operation marks a transcendental milestone for Ktesios, not only because of the size it represents, but also because we have managed to carry out a large corporate operation with our own funds and financing in times as complicated as the one we are living through," adds Henry Gallego.
About Ktesios SOCIMI
Founded in 2019, Ktesios is a purely residential SOCIMI specialized in the acquisition and management of assets in non-prime areas, offering affordable long-term rentals. In this way, Ktesios combines the trinomial of profitability, risk and social impact. The SOCIMI has a patrimonialist and prudent management approach, aimed at investors seeking stability with recurring returns. With the acquisition of QPQ, the SOCIMI currently has a diversified portfolio of more than 870 assets in 68 municipalities and 15 provinces in 8 autonomous communities.
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