Contract
Madrid, 1 xx xxxxx de 2018
En virtud de lo previsto en el artículo 17 del Reglamento (UE) nº 596/2014, sobre abuso de mercados y en el artículo 228, del texto refundido de la Xxx xxx Xxxxxxx de Valores, aprobado por el Real Decreto Legislativo 4/2015 de 23 de octubre y disposiciones concordantes, así como, en la Circular 15/2016 xxx Xxxxxxx Alternativo Bursátil (MAB), VBARE Iberian Properties SOCIMI,
S.A. (la "Sociedad” o “VBARE”), pone en conocimiento lo siguiente:
Por el presente hecho relevante, VBARE hace público la presentación que está empleando en reuniones tanto con accionistas de la Compañía como con inversores potenciales
Quedamos a su disposición para cuantas aclaraciones precisen.
X. Xxxxx Xxxxxxx del Campo Xxxxxxxxx
Secretario No Consejero del Consejo de Administración VBARE Iberian Properties SOCIMI, S.A.
THIS RELEVANT FACT IS A TRANSLATION OF THE SPANISH VERSION. IN CASE OF ANY DISCREPANCIES, THE SPANISH VERSION SHALL PREVAIL.
Madrid, 1 June, 2018
Pursuant to the terms set forth in Article 17 of EU Regulation No. 596/2014 with regard to abuse of markets and Article 228 of the Consolidated Text of the Stock Exchange Law, approved by Royal Legislative Decree 4/2015 dated October 23 and other related provisions, as well as Notice 15/2016 of the Mercado Alternativo Bursátil ("MAB"), VBARE Iberian Properties SOCIMI, S.A. (the "Company" or “VBARE”) hereby publishes the following:
RELEVANT FACT
For the present relevant fact, VBARE makes public the presentation that it is using in meetings with both shareholders of the Company and potential investors.
We remain at your disposal for any clarification that may be necessary.
Mr. Xxxxx Xxxxxxx del Campo Xxxxxxxxx
Non-Board Secretary of the Board of Directors VBARE Iberian Properties SOCIMI, S.A.
VBARE Iberian Properties SOCIMI, S.A.
Investors Presentation
1Q 2018
June 1st , 2018
- First listed Spanish REIT exclusively dedicated to the Residential Rental Market
(traded on the Spanish Alternative Investment Market – MAB)
- Focused on creating an assets portfolio with a stable rental yield and high capital gain potential
- Founded by VALUE BASE and AURA Real Estate Experts, sponsors with extensive
experience and know-how in Capital Markets and Real Estate, respectively
- Efficient vehicle structured as a Spanish REIT (SOCIMI) taking advantage of tax benefits and dividend driven policy
• Strong shareholders’ base comprised of institutional investors and large family offices
• Offering full spectrum of investment banking and advisory services for both privately held and listed companies
previously co-CEOs of Meitav-Dash, second largest investment house in Xxxxxx
Xxxxxxxxx,
Shamrich
Xxxxxx
by
2013
Ido
and
• Established in
• Leading Investment Bank in Israel
VALUE BASE
• >50 professionals and offices in
Spain, Portugal and Italy
600.000 transaction
than
more prices
• Unique Real Estate tech platform
with over 20 million comparable and
• Specialized in advising Spanish and international buyers on acquisition of large NPL and REO portfolios
• Spanish leading portfolio valuation advisor with more than 5 million transactions
AURA REE
Results driven Management team and Board of Directors with strong track-record
Xxxxxxxx Xxxxx, MRICS
Chairman of the board
Founder & CEO of Aura REE
Over 10 years of experience in Real Estate
CEO of Mortgage & Consumer Finance Bank - Deutsche Bank Credit
Xxx Xxxxxxxxx
Director
CEO & Co-Founder, Value Base Ltd
More than 20 years of experience in the financial sector Co-CEO of Meitav-Dash
Xxxx Xxxxxx Xxxxxxx
Vice chairman
CEO at Aura Asset Management
Over 15 years of experience in Real Estate
CEO of Nuphar Gestión Inmobiliaria (RE developer firm)
Xxxx Xxxxxxx
Director
CEO, Value Base Mergers & Acquisitions Ltd
Over 20 years of investment banking and corporate finance experience
CEO, Xxxxxx-Xxxx Xxxxxxx & Acquisitions
Xxxx Xxxx Xxxxx
Independent Director
Founder and CEO at Palmera Capital y Servicios.
Currently Director at ‘La información’, Norfin, Uralita, Banco
Sabadell Este and Havas Media.
Xxxxxxxxx Xxxxx
Independent Director
Director of Zafiro Technologies
Over 25 years’ experience in business development
Founded numerous companies in Israel, Spain, Cuba and the Dominican Republic
Xxxxxxxx Xxxxxx
General manager
General manager at VBARE Iberian properties SOCIMI, S.A. Over 14 years of experience in Real Estate
Managing Director and Partner in Altan Capital
Xxxxxxx Xxxxxx xx Xxxxxxx
Finance Director
Finance Director at VBARE Iberian properties SOCIMI, S.A. Over 9 years experience on Finance and Real Estate positions
Manager at PwC Real Estate Audit team in Spain and Luxembourg and Financial Manager at Autonomy Spain Real Estate Socimi, S.A.
Exclusive access to a unique proprietary data base with more than 50 million comparables allowing a very precise underwriting of each transaction
Unique database
Vehicle 100% compliant with Stock Exchange
Regulator requirements
Advised by Renta 4 Corporate as Registered Advisor
Fully compliant vehicle
Quarterly IFRS Financial Statements audited by PriceWaterhouseCoopers
RICS Quarterly Portfolio Valuation carried out by Xxxxxxx-Xxxxxxx Xxxxxx
Transparency
Management Team as well as Board of Directors composed by international well-renowned professionals with extensive knowledge in real estate investments and capital markets
Team Expertise
2018
• Acquisition of 13 units
• 41 units under exclusivity
2017
• Acquisition of 15 units
2016
• Acquisition of 130 units
2015
• Starting of investment activity
• Acquisition of 52 units
2018
• Bank financing € 1.5 mn
• New fund raising (currently in
progress)
2016
• € 1.7 mn fund raising
• Bank financing € 4.4 mn
• Listing at the Spanish Alternative Investment Market (MAB)
2015
• Incorporation of the Company
• Application to REIT Regime (SOCIMI)
• € 13.9 mn fundraising
2017
• € 7.2 mn fund raising
• Bank financing € 2.2 mn
Goals set and achieved
• Created and structured the vehicle from the legal, tax & financial perspective
• Built capabilities and assembled a team to handle the day-to-day operations, including deal sourcing, analysis and due diligence, refurbishment, asset and property management and leasing, and has constructed specific procedures for such activities
• 210 apartments acquired, with more than 550 million euros of opportunities evaluated
• Listed on Madrid’s Alternative Investment Market (MAB) from December 2016
• Raised approx. € 23 mn up to date. New fund raising currently in progress (scheduled to close early June 2018)
Solid growth of the Spanish economy over performing other OECD countries
Strong job creation and increasing private consumption in Spain
3,40%
3,1%
2,90%
2,5%
2,5%
2,2%
2,2%
1,8% 1,8%
1,5%
1,4%
1,5%
1,3%
Spain
Madrid
United states Germany
France
England
Italy
2017 2018 Expected
30%
4%
27%
26%
3%
3%
25%
24%
22%
2%
20%
19%
17%
1%
15%
15%
0%
-1%
10%
-2%
5%
-3%
0%
-4%
2012 2013 2014 2015 2016 2017 2018
Expected
Unemployment rate
Private consumption
Source: Bloomberg Consesus Source: INE
Favorable macroeconomic recovery trends…..
Robust demographic growth Social trends making rental residential more attractive to young generation
140
+32% population growth
130
120
+16%
110
100
90
80
Madrid
Spain
15,50% | +40% | 21,80% | Still lagging behind Europe vs | 30,50% | ||
84,50% | ||||||
78,20% | ||||||
69,50% |
Spain - 2001
Spain - 2017
EU 28 - 2017
Owned Rented
Source: INE Source: Ministerio de Fomento
….. and positive sociodemographic trends …..
Thousands
House prices steadily increasing since 2013 bottom values
Increasing residential rental prices backed by high demand and product shortage, especially in Madrid
Rental evolution (€/m2)
18,0
16,0
14,0
+10% CAGR
12,0
10,0
8,0
6,0
4,0
2,0
0,0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
200
190
Pre-crisis level
180
170
+31%
Potential recovery
160
150
140
130
120
110
100
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Avg. house prices (€ per unit)
Source: Ministerio de Fomento Source: Idealista
…. creating strong momentum for the Spanish Rental Residential Market
Minimum target 4% stabilized net yield unlevered
Metropolitan areas in top cities of Spain
At least 10% discount over market prices
Main investment criteria
Value added strategy: Refurbishing or renovation
No
Development
• Number of assets: 210
• GLA: 9,324 sqm
• Average sqm per unit: 44 sqm/unit
• Total acquisition cost: € 17.2 mn
260
240
220
200
180
160
140
120
100
80
60
40
20
0
Portfolio evolution (assets units)
197
210
182
52
261 (2)
• Acquisition cost per sqm: € 1,842
• Average acquisition cost per unit: € 81,768
• Total invested capital including capex: € 18.7 mn
• Average rent per month(3): € 585
• Occupancy rate (3): 91%
Q4 2015 Q4 2016 Q4 2017 Q1 2018 Q2 2018
Portfolio status (31/03/18)
5%
4%
91%
Rented
Available for rent
Refurbishment in process
(1) As of 31 March 2018. This information does not include parking lots and storages
(2) Including investment under exclusivity expected to close by the end of 2Q 2018 11
(3) These metrics does not consider the 13 unit acquired by the Company on March, 21, 2018
GAV as of 31/03/2018
12%
€ 30,8 mn
50%
38%
Whole building
Assets in the same building
Scattered units
• Portfolio total GAV € 30.8 mn
• Units total GAV € 30.5 mn
GAV Evolution
35.000
30.000
25.000
+ 63%
Revaluation
20.000
15.000
10.000
5.000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 0000 0000 0000 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018
• Units GAV €/sqm € 3,273
• Fair value gain over total 63%
invested cost
€ Thousand
• Passing rent (1) € 1.3 mn
• Gross yield 6.8%
on total invested capital
• EPRA NIY 3.35%
(1) Monthly rent as of March 2018 annualized
10.6% of GAV
in the rest of Madrid metropolitan area
49.5% of GAV located in
Madrid (outside M-30)
39.9% of GAV located in Madrid center (inside M-30)
100% of the portfolio is currently located in Madrid metropolitan area, benefiting from
fast-growing rents and asset values
Xxxx Xxxxxxx Xxxxxxxxx Santa Xxxxx
Xxxxxxx Xxxxxxxxx Xxxxxxxx Xxxxxxx Xxxx Xxxx
Occupancy
92%
91%
90%
89%
88%
86%
84%
82%
81%
80%
78%
76%
74%
Occupancy 2016
Occupancy 2017
Occupancy Q1 2018
Rent growth
1.600 €
9%
ERV yield 8%
1.400 €
8%
7%
1.200 €
7%
6%
6%
1.000 €
5%
800 €
1.481 €
4%
600 €
3%
1.278 €
1.076 €
3%
400 €
2%
200 €
483 €
1%
- €
0%
Income 2016 Income 2017
Income 2018
(Annualized)
ERV
Rent income (left scale)
Gross yield on total invested cost (right scale)
Thousands
Revenues trending up primarily driven by increase in occupancy and renewals, with high potential to create additional value
243 new leases signed
+ 11,8 % rent uplift
€ 7,4K Avg. CapEx invested per unit
+200% occupancy growth
> 26K Avg. views per month on online leasing platforms
+63% GAV increase
Outstanding performance through active Value Add Asset Management
• Asset located in the south-xxxx area of Madrid with good transport connections and nearby services
• Avg. purchase price per unit € 69.6K
• Additional CapEx invested per unit of € 3.2 K
• Rents increase +12,8%
• 8,85% stabilized yield on total invested capital
• +102% GAV revaluation
• Tetuan is one of the most attractive and fast- growing neighborhood in Madrid
• 38% of portfolio units are located in this area
• € 7,8 mn total invested capital
• Additional CapEx invested of € 587K
• Rents increase +13,8%
• +50% GAV portfolio revaluation
• 31 residential units located in the south east of Madrid
• Acquisition price € 2.1 mn
• Additional CapEx invested of € 100K
• Rents increase over initial underwriting +9,7%
• 9,1% stabilized yield on total invested capital
• +106% GAV revaluation
€ 13 mn
€ 104 mn
€ 11 mn
€ 78 mn
Pipeline by Location
64%
36%
Initial analysis Advanced analysis Expected to close in Q2
Madrid Other
• € 24 mn of investment opportunities in advanced analysis matching our investment strategy
• Increasing volume of investment opportunities outside of Madrid
€ Thousand
31 March
2018
31 December
2017
GAV | 30.781 | 28.542 |
Gross financial debt | 7.865 | 6.423 |
Gross LTV | 25,55% | 22,50% |
Gross LTC | 45,41% | 39,61% |
Weighted average cost | 1,75% | 1,77% |
Fixed interest rate | 75,0% | 69,1% |
Average maturity (years) | 13,54 | 13,98 |
Cash | 5.663 | 8.374 |
• Strong balance sheet to finance new acquisitions
• Low LTV and LTC ratios which keep the Company in a strong position to continue financing its portfolio
• Stable and conservative profile
• Accumulated fair value gain over invested capital > € 10 mn
Share value evolution (€)
12,96 12,90
13
13
13,48 13,5
12,28
11,57
12,00
10,00 10,00
10,43
10,74
• Market capitalization € 29 mn
• Share actual listing price € 13.5
• EPRA NAV € 30.4 mn
• EPRA NAV per share € 14.28
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
• Target annual dividend 3%
• Last Dividend Distribution € 0.15 per share (share premium) in March 2018
Fund raising evolution (€)
7.106.957
1.712.658 353.051 175.551
13.761.500 100.000
23.010.364
120.000
(319.353) (319.353)
Q1 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q3 17 Q4 17 Q1 18 Total
(1) As of 31 March 2018 22
• Excellent operating results driven by active asset management
• Outstanding portfolio revaluation of 63% over invested capital
• Solid financial position to fund future investments
• Strong investment momentum with € 24 mn of identified opportunities in advanced analysis
Annex
Xxxxxxxx Xxxxx – Board of Directors and Management team
✓Founder & CEO of Aura Ree & Taurus (a Spanish real estate broker company)
✓CEO of Mortgage & Consumer Finance Bank - Deutsche Bank Credit (former)
✓McKinsey & Company, engagement manager, Madrid and New York (former)
✓Over 10 years of experience in the Spanish real estate market
✓BA, Universidad Complutense
✓BA, Anglia Polytechnic University of Cambridge
Xxxx Xxxxxx Xxxxxxx – Board of Directors and Management team
✓CEO at Aura Asset Management
✓Former CEO of Nuphar Gestión Inmobiliaria (RE developer firm)
✓Former partner at Proyconsol, RE land management company
✓Over 12 years of experience in the Spanish real estate market
✓BA, Economic, Sciences & Marketing, CEADE
Xxxx Xxxx Xxxxx – Board of Directors (Independent)
Independent Director
Founder and CEO at Palmera Capital y Servicios
Currently Director at ‘La información’, Norfin, Uralita, Banco Sabadell Este and Havas Media Worked for Xxxxxxx Xxxxx in London and Bankers Trust managing M&A department
Former General Manager at Telefónica, and CEO at Antena 3, and Telefónica Media. Former Director at Onda Cero Radio, Endemol y Xxxxxxx Recoletos
Former President of Service Point. Founder partner and CEO of Arcano, CEO at Arcano Capital
BA, ICADE, London Business School and Standford University
Xxxx Xxxxxxx – Board of Directors and Management team
✓CEO of Value Base M&A and director in various private and public companies, with over 20 years of investment banking and corporate finance experience
✓CEO of Meitav-DS Mergers & Acquisitions, a leading firm in the Israeli investment banking industry (former)
✓McKinsey & Co. In London and New York leading teams advising Fortune 100 companies on new market development, acquisitions, and strategy
✓MBA (High Distinction) from the University of Michigan and a BA in Economics and Business from Tel Aviv University
Xxx Xxxxxxxxx – Board of Directors and Management team
✓CEO & Co-Founder, Value Base Ltd. With more than 20 years of experience in the financial sector.
✓Prior to founding Value Base, Mr. Neuberger served as Co-CEO of Meitav-DS and oversaw the investment management activities and the operational functions of the firm
✓founded Apex (which later on became Meitav-DS) in 1993, and through organic, as well as M&A activity, grew it to become the second largest investment house in Israel with more than
$40B assets under management
✓M.A and a B.A. in Economics from Tel Aviv University
Xxxxxxxxx Xxxxx – Board of Directors (Independent)
✓Independent Director
✓Director of Zafiro Technologies a Spanish company focused on technologic and engineering solutions
✓More than 25 years’ experience in business development and strategic implementation
✓Founded numerous companies in Israel, Spain, Cuba and the Dominican Republic in the fields of IT, telecommunications, energy, infrastructure and real estate
✓BD in electrical engineering , Xxx Xxxxxx University
Xxxxxxxx Xxxxxx – General Manager
✓Former Managing Director and Partner in Altan Capital (real estate arm of the Altamar Group, leading alternative asset manager in Spain)
✓Previously part of the Investment Team at Xxxxxxx Xxxxxx (2004-2006)
✓Worked in Milan and London in the law firm Xxxx Xxxxxx, Xxxxxxx e Associati (now part of Orrick) as part of the M&A, Private Equity and Financial Services team
✓Wide knowledge of real estate industry and extensive experience in investment operations, mergers and acquisitions, not only in Spain but also in the United Kingdom and Italy
✓MBA from ESADE Business School, Barcelona (Spain)
✓Degree in Law from the University of Trento (Italy)
Xxxxxxx Xxxxxx xx Xxxxxxx – Finance Director
✓More than 9 years experience on Finance and Real Estate positions.
✓Previously part of the financial department at Autonomy Spain Real Estate SOCIMI, S.A.
✓Worked as auditor at PwC for more than 6 years within the Construction and Real Estate sector in Madrid and Luxembourg.
✓Degree in Business Management and Administration by the Xxxxx xx Xxxxxxx University in Seville
✓Currently finalizing an Executive MBA at the IE Business School (Madrid)
Annex 2 – SOCIMI Requirements
Requirement | |
Legal form | The SOCIMI must be a Spanish stock corporation (SA – Sociedad Anónima). |
Capital requirements | Nominal capital of a SOCIMI must be at least €5m. There is no maximum threshold for external debt. |
Listing requirements | SOCIMIs must be listed on an organised stock market in Spain, the EU, the EEA, or in any other country with an effective tax information exchange with Spain. MAB: typically SOCIMIs are listed in MAB, a secondary Spanish regulated market with less requirements and reduced costs. |
Restrictions on investors | No minimum number of investors required (subject to further requirements of regulator – min. 20 shareholders) No specific restrictions on non-resident investors. |
Asset/income/ activity tests | The corporate activity of the SOCIMI must be: • The acquisition and development of urban real estate for lease; • The holding of shares in other SOCIMIs or in foreign companies subject to a similar REIT regime with regards to the corporate activity and the dividend distribution requirements; • The holding of shares in Spanish or foreign companies with the same corporate activity, dividend distribution obligations, asset and income tests as SOCIMIs; and • The holding of units in Spanish regulated real estate collective investment institutions. At least 80% of the value of the assets must consist of qualifying real estate assets and shares. In addition, at least 80% of earnings, exclusive of capital gains, must relate to rents and dividends from qualifying shares. Qualifying assets must be held for a minimum period of 3 years. |
Restrictions on foreign assets | There are no restrictions on foreign assets assuming that they are similar to Spanish qualifying assets and are located in a jurisdiction with a tax information exchange with Spain. |
Distribution requirements | The SOCIMI is obliged to distribute the following amounts: • 100% of profits derived from dividends received from other SOCIMIs, foreign REITs, qualifying subsidiaries and collective investment institutions; • At least 50% of capital gains derived from qualifying real estate assets and shares. The remaining gain shall be reinvested within a 3 year period or fully distributed once the 3 year period has elapsed and no reinvestment has been made; and • At least 80% of profits derived from income other than dividends and capital gains, i.e. including rental income and ancillary activities. Distribution of dividends shall be agreed within the 6 month period following the end of the financial year and be paid within the month following the date of the distribution agreement. |
Annex 3 – Financial Statements
Assets 31 March 31 December
€ Thousand
2018
2017
Non- Current Assets 32.881 28.620
Continuing operations
31 March 31 March
Property plant and equipment 3 4
Investment properties 32.781 28.542
Current Assets | 5.768 | 8.494 | Gross Rental income | 307 | 260 |
Advance payments to suppliers | 1 | - | Property operating expenses | (118) | (113) |
Non - Current financial assets 97 74
€ Thousand
2018
2017
Other receivables from Public Administrations | 35 | 32 | Gain from fair value on investment properties | 1.071 | 1.550 |
Other current financial assets | 3 | 18 | Net result from real estate operations | 126 | 1.697 |
Trade and other receivables | 57 | 53 |
Trade debtors | 22 | 21 |
Gross profit 189 147
Other receivables group companies and associates | 6 | 9 |
Short term accruals | 38 | 40 |
General and administrative expenses (484) (480)
Cash and cash equivalents | 5.663 | 8.374 | ||||
Total Assets | 38.649 | 37.114 | Finance result | (34) | (19) | |
Profit for the period | 742 | 1.198 | ||||
Equity and Liabilities 31 March 31 December Corporate income tax - - | ||||||
Net Equity | 30.397 | 29.973 | Profit for the period attributable to the shareholders | 742 | 1.198 | |
Share capital | 10.746 | 10.746 | ||||
Operating result 776 1.217
€ Thousand
2018
2017
Share Premium 11.401 1.172
Basic and diluted earnings per share (Euro) 0.35 0.76
Treasury shares | (247) | (248) | |
Retained earnings | 8.497 | 7.755 | |
Non-current Liabilities | 7.605 | 6.227 | Source: Audited Consolidated Financial Statememts under IFRS - EU |
Non-current financial liabilities | 7.605 | 6.227 | |
Bank Borrowings | 7.463 | 6.100 | |
Other financial liabilities | 142 | 127 | |
Current Liabilities | 647 | 914 | |
Current financial liabilities | 273 | 238 | |
Bank Borrowings | 273 | 223 | |
Other financial liabilities | - | 15 | |
Current financial liabilities group companies | - | 3 | |
Trading creditors and other accounts payable | 374 | 673 | |
Trade Payables | 122 | 65 | |
Trade payables, group companies and associates | 202 | 577 | |
Accruals, wages and salaries | 20 | 1 | |
Other payables with Tax Administration | 17 | 18 | |
Advances from creditors | 13 | 12 | |
Equity and Liabilities | 38.649 | 37.114 |
Source: Audited Consolidated Financial Statememts under IFRS - EU
This presentation has been prepared by VBARE Iberian Properties SOCIMI, S.A. (“VBARE”). This presentation does not constitute and should not be construed as an offer to sell or issue, or the solicitation of an offer to buy or acquire securities. This Presentation is solely for informational purposes and should not be treated as investment advice. In addition, this Presentation does not take into account the specific investment objectives, financial situation or particular needs of any recipient in any jurisdiction nor does it contain all the information necessary to fully evaluate any investment or transaction.
Accordingly, no part of this Presentation nor the fact of its distribution should form the basis of, or be relied upon in connection with, any contract, commitment or investment decision in relation to any securities or otherwise. This presentation was not prepared for the purpose of being used in connection with any offering of securities. VBARE does not make any representation, warranty or undertaking, express or implied, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information, opinions or projections contained in the Presentation. VBARE shall have no liability whatsoever for any loss whatsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.
Some of the information contained in the presentation including, among other things, forecasts, goals, assessments and estimates related to events and or future matters, realization is uncertain and is beyond the control of VBARE (the "Forward Looking Information"). Forward Looking Information as stated above does not constitute a proven fact and is based solely on VBARE’s subjective estimates. Whether or not the information will materialize and will be affected, amongst other things, by risk factors inherent in the Public Investment Vehicle’s operations, as well as developments in the general environs and external factors that affect the Public Investment Vehicle's operation, which cannot be estimated in advance and that are not within the control of VBARE.
This Presentation and the information contained in the Presentation are provided as of the date of this Presentation and are subject to change, and VBARE is not under any obligation to update, complete, revise, verify, amend or keep current the information contained herein. Furthermore, anyone who is interested in making an investment, should consult with legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that he deems necessary, and should make his own investment decisions based upon his own judgment and advice from such advisers as he deems necessary and not upon any view expressed by VBARE or expressed in this Presentation.
This Presentation shall be governed and construed in accordance with the laws of Spain without regard to its conflict of law provisions and the receiver of this Presentation
hereby irrevocably consents to the exclusive jurisdiction of, and venue in, the competent jurisdiction located in Madrid, Spain.
VBARE Iberian Properties SOCIMI, S.A.
X/ Xxxxxxx, 0 – 0x Xxx. 00000 Xxxxxx (Xxxxx) xxx.xxxxxxxxxxxxx.xxx Ticker: YVBA
ISIN: ES0105196002
Xxxxxxxx Xxxxxx
General manager
x00 00 000 00 00
x00 000 000 000
xxxxxxxx.xxxxxx@xxxxxxxxxxxxx.xxx
Xxxxxxx Xxxxxx xx Xxxxxxx
Finance Director
x00 00 000 00 00
x00 000 000 000
xxxxxxx.xxxxxxx@xxxxxxxxxxxxx.xxx