HECHO RELEVANTE
Madrid, 12 xx xxxxx de 2018
En virtud de lo previsto en el artículo 17 del Reglamento (UE) no 596/2014 sobre abuso xx xxxxxxx 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. (en adelante, la “Sociedad” o “VBARE”) pone en conocimiento el siguiente
HECHO RELEVANTE
Con motivo de las reuniones que VBARE tendrá con accionistas de la Compañía e inversores potenciales durante las próximas semanas, a continuación se adjunta la presentación corporativa que será empleada.
Quedamos a su disposición para cuantas aclaraciones precisen.
Xxxxx Xxxxxxx del Campo Xxxxxxxxx
Secretario NO consejero del Consejo de Administración VBARE IBERIAN PROPERTIES SOCIMI, S.A.
VBARE Iberian Properties SOCIMI, S.A.
Investors Presentation
March 2018
Strictly Confidential March 12th, 2018
Disclaimer
This presentation has been prepared by VBA RE 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.
Who we are
- First, publicly traded Spanish REIT exclusively dedicated on the Residential Rental Market (traded on the Spanish Alternative Investment Market – MAB)
- Focused on creating a portfolio of assets with a stable rental yield and high capital gain potential
- Founded by VALUE BASE and AURA Real Estate Experts, two 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
Who we are – Sponsors
• Leading Investment Bank in Israel
• Established in 2013 by Xxxxxx Xxxxxxxx and Xxx Xxxxxxxxx, previously co-CEOs of Meitav-Dash, second largest investment house in Israel
• Offering full spectrum of investment banking and advisory services for both privately held and publicly traded companies
• Strong shareholders’ base comprised of institutional investors and large family offices
VALUE BASE
• Leading portfolio valuation advisor in Spain with more than 5 million transactions
• Specialized in advising Spanish and international buyers on acquisition of large NPL and REO portfolios
• Unique Real Estate tech platform with over 20 million comparable and more than 600.000 transaction prices
• >50 professionals and offices in Spain, Portugal and Italy
AURA REE
Who we are – Team
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
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
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.
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
Our Strengths
Exclusive access to a unique proprietary data base with more than 20 million comparables allowing a very precise underwriting of each transaction
Unique database
A vehicle compliant with all requirements set out by the Stock Exchange Regulator
Fully compliant vehicle
IFRS Financial Statements audited by PwC.
100% of the portfolio is valuated by an independent RICS appraiser on a quarterly basis
Transparency
The Management Team as well as the Board of Directors is composed by international well- renowned professionals with extensive knowledge in real estate investments and capital markets
Team Expertise
Main events
23 December 2016
• Listing at the Spanish Alternative Investment Market (MAB)
2016
• € 1.7 mn fund raising
• Bank financing € 4.4 mn
March 2015
• Incorporation of the Company
• Application to REIT Regime (SOCIMI)
2017
• Acquisition of 15 units
2016
• Acquisition of 130 units
2015
• Acquisition of 52 units
July 2015
• Initiation of investment activity
2017
• € 7.2 mn fund raising
• Bank financing 2.2 M€
2015
• € 13.9 mn fundraising
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
• Acquired approx. 200 apartments, evaluated more than 550 million euros of opportunities, obtained mortgages, performed refurbishments of owned apartments and rented the apartments at very low vacancy rates
• Listed on Madrid’s Alternative investment market (MAB)
• Raised approx. € 23 mn up to date
Why we invest in the Spanish Residential Rental Market (1/3)
Solid growth of the Spanish economy over performing other OECD countries
Strong job creation and increasing private consumption in Spain
3,1%
2,5%
2,5%
2,2%
2,2%
2,0%
1,8%
1,5%
1,4%
1,5%
1,3%
Spain
United states Xxxxxxx
0000
Xxxxxx
2018 Expected
England
Italy
30%
4%
3.2%
25%
3%
2%
20%
1%
15%
15%
0%
10%
-1%
-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…..
Why we invest in the Spanish Residential Rental Market (2/3)
Robust demographic growth Social trends making rental residential more attractive to young generation
140
+32%
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
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
0000 X
Xxxxxx: INE Source: Ministerio de Fomento
….. and positive sociodemographic trends …..
Why we invest in the Spanish Residential Rental Market (3/3)
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 (€/sqm)
+11% CAGR
2009 0000 0000 0000 0000
2014 2015
Spain
2016 2017
Madrid
200
190
180
Pre-crisis level
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
Main investment criteria
Acquiring with at least 10% discount on market prices
Value added strategy: Refurbishing or renovation
No Development
Creating long term value
• Number of assets 197
• GLA 8,616 sqm
• Occupancy rate 88.9%
• GAV € 28.5 mn
220
200
180
160
140
120
100
80
60
40
20
0
Portfolio evolution (# assets)
Portfolio Overview
(1)
197
182
52
210 (2)
• GAV €/sqm € 3,307 per sqm
• Passing rent € 1.1 mn
• Gross yield 6.07%
• EPRA NIY 3.90%
Q4 2015 Q4 2016 Q4 2017 Q1 2018
5%
89%
6%
Rented Available for rent Refurbishment in process
(1) As of 31 December 2017 12
(2) Including investment under exclusivity expected to close by the end of 1Q2018
Portfolio location
5.7% of GAV
in the rest of Madrid metropolitan area
42.5% of GAV in the rest of the city of Madrid
51.8% 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
Our assets – examples
Xxxx Xxxxxxx Xxxxxxxxx Santa Xxxxx
Xxxxxxx Xxxxxxxxx Xxxxxxxx Xxxxxxx Xxxx Xxxx
Strong operating results
Occupancy
90%
89%
88%
86%
+8%
84%
82%
81%
80%
78%
76%
Occupancy 31/12/2016
Occupancy 31/12/2017
Rent growth
1.600 €
9%
ERV yield 8%
1.400 €
8%
1.200 €
6%
7%
6%
1.000 €
5%
800 €
600 €
3%
1.377 €
4%
1.076 € 3%
400 €
2%
200 €
483 €
1%
- €
0%
Rent income as 31/12/2016 Rent income as 31/12/2017 ERV
Rent income (left scale) Gross yield (right scale)
Thousands
Revenues trending up primarily driven by increase in occupancy and renewals with high potential to create additional value
Proven Asset Management Capabilities
222 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
+61% GAV increase
Outstanding performance through active Value Add asset management
Extraordinary performance
GAV as of 31/12/2017
35%
€ 28,5 mn
52%
13%
Whole building Assets in the same building Scattered units
GAV Evolution
35
30
25
+ 61%
Revaluation
20
15
10
5
0
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
Million €
61% increase in portfolio value driven by our investment strategy and Value Add asset management capabilities
Case Study – Brihuega
• Asset located in the south-xxxx area of Madrid with good transportation options and nearby services
• Avg. purchase price per unit € 69.6K
• Additional CapEx invested per unit of € 3,200
• Rents increase +12,8%
• 8,85% stabilized yield on total invested capital
• +92% GAV revaluation
Case Study - Tetuán
• Tetuan is one of the most attractive and fast- growing neighborhood in Madrid
• 40% of portfolio units are located in this area
• € 7,2 mn total invested capital
• Additional CapEx invested of € 565K
• Rents increase +13,4%
• +36% GAV portfolio revaluation
Case study – Xxxxxxx Xxxxxxxxx
• 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
Market opportunities
Pipeline status
Pipeline by Location
157€ M
182€ M
25€ M
53%
47%
Initial analysis Advanced analysis Madrid Other
• € 25 mn of investment opportunities in advanced analysis matching our investment strategy
• Increasing volume of investment opportunities outside of Madrid
Key financial figures
Main balance sheet figures
Dec. 2017 | Dec. 2016 | |
GAV | 28,542 K | 23 ,390 X |
Xxxxx financial debt | 6,323 K | 4,259 X |
Xxxxx LTV | 22.5% | 18.2 % |
Weighted av erage cost | 1.67 % | 1.60% |
Fixed interest rate | 68% | 52 % |
Av erage maturity (y ears) | 13 .98 | 14 .68 |
Cash | 8,37 4 K | 3,57 7 K |
Finance result | (1 1 1 ) | (24 ) |
CIT | - | - |
• Strong balance sheet to finance new acquisitions
• Stable and conservative profile
• High rental income growth
• Accumulated fair value gain over invested capital > € 10 mn
Consolidated Income Statement
Dec. 2017 | Dec. 2016 | |
Gross Rental Income | 1.07 6 | 483 |
Property operating expenses | (533 ) | (340) |
General & Administrativ e expenses | (1 .447 ) | (1 .7 40) |
Gross Profit 543 143
Gain from fair v alue on inv estment properties | 3.266 | 5.905 |
Net result from real estate operations | 3.809 | 6.048 |
Operating result | 2.362 | 4.308 |
EBT | 2.251 | 4.284 |
Net profit | 2.251 | 4.284 |
Basic earnings per share (Euro): | 1,25 | 2,78 |
Capital structure (1)
Share Value evolution (€)
13,48
12,96
12,90
13 13
12,28
12,00
11,57
10,74
10,43
10,00 10,00
• Market capitalization € 28.9 mn
• Share value € 13.98
• EPRA NAV € 29.9 mn
• EPRA NAV per share € 14.08
• Target annual dividend 3%
Q1 2015 Q2 2015Q3 2015Q4 2015Q1 2016 Q2 2016Q3 2016Q4 2016 Q1 2017 Q2 2017Q3 2017Q4 2017
Fund raising evolution
0 .000.000 00.000.000
0.000.000
353.051 17 5.551
13.761.500
100.000
120.000
(319.353)
• Distribution of share premium € 0.15 per share (December 2017)
Q1 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q3 17 Q4 17 Total
As of 31 December 2017 23
Closing Remarks
• Excellent operating results driven by active asset management
• Outstanding portfolio revaluation of 61% over invested capital
• Solid financial position to fund future investments
• Strong investment momentum with € 25 mn of identified opportunities in advanced analysis
Annex
Annex 1 – CVs of Board and Management team (1/2)
Xxxxxxxx Xxxxx – Board of Directors and Management team
Xxxx Xxxxxx Xxxxxxx – 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
✓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)
Xxxxxxxx Xxxxxx – General Manager
✓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 Xxxxxxxxx University
✓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)
Annex 1 – CVs of Board and Management team (2/2)
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. Xxxxxxxxx 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
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
Consolidated Statement of Financial Position
€ Thousand | Dec. 2016 | Dec. 2017 |
Property plant and equipment | 1 | 4 |
Inv estment properties | 23 .390 | 28.542 |
Non - Current financial assets | 26 | 74 |
Non- Current Assets | 23.417 | 28.620 |
Trade and other receiv ables | 68 | 53 |
Other current financial assets | 27 3 | 18 |
Other receiv ables group companies and associates | 9 | 9 |
Short term accruals | 31 | 40 |
Cash and cash equiv alents | 3.57 7 | 8.37 4 |
Current Assets | 3.958 | 8.494 |
Total Assets | 27 .375 | 37 .114 |
Non-current financial liabilities | 98 | 127 |
Borrowings | 4.1 56 | 6.1 00 |
Non- Current Liabilities | 4.254 | 6.227 |
Current financial liabilities | 27 0 | 15 |
Borrowings | 113 | 223 |
Trade and other pay ables | 1.847 | 67 3 |
Current Liabilities | 2.230 | 911 |
Total Liabilities | 6.484 | 7.138 |
Net Equity | 20.891 | 29.976 |
KPI's Net Debt Working Capital | (692) 1.728 | 2.051 7.583 |
Sou r ce: A u dited Con solida xxx Fin a n cia l Sta tem em ts u n der IFRS - EU
Consolidated Income Statement | ||
Dec. 2016 | Dec. 2017 | |
Gross Rental Income | 483 | 1.07 6 |
Property operating expenses | (340) | (533 ) |
Gross Profit | 143 543 | |
Gain from fair v alue on inv estment properties | 5.905 | 3.266 |
Net result from real estate operations | 6.048 | 3.809 |
General & Administrativ e expenses | (1 .7 40) | (1 .447 ) |
Operating result 4.308 2.362
Finance result | (24 ) | (1 1 1 ) |
EBT | 4.284 | 2.251 |
CIT | - | - |
Net profit | 4.284 | 2.251 |
Basic earnings per share (Euro): | 2,78 | 1,25 |
Sou r ce: A u dited Con solida xxx Fin a n cia l Sta tem em ts u n der IFRS - EU
Annex 4– Terms & Conditions
Registered Advisor
Renta 4 Corporate, S.A.
Legal & Tax Advisor
Xxxxxx xx Xxxxxxxx Xxxxxxxx, S.L.; Xxxx Xxxxxxxx Xxxxxxxx, S.L.P.
Auditor
PricewaterhouseCoopers Auditores, S.L.
Liquidity provider and Bank Agent
Renta 4 Sociedad de Valores, S.A.
Valuation company (RICS) Equity valuation
Financial Due Diligence
Xxxxxxx Xxxxxx Xxxxx Xxxxxxxx BDO Advisory
Management Company
A Spanish limited liability company owned by Aura AM S.A (50%), Value Base (37.5%) and Xxxx Xxxxxxx (12.5%) and managed by Spanish residents.
Management fees
Asset Management Fees | Success Fee |
Calculated as a percentage of assets value (degressive / cumulative) (€ M) % (+ VAT) X<60 1% 60<X<120 0.9% 120<X<250 0.8% 250<X<500 0.7% X>500 0.6% | ▪ 16% + VAT carried interest over 8% hurdle. ▪ Catch-up mechanism. ▪ High watermark mechanism |
General Company Information & Contact
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 000 000 000
xxxxxxxx.xxxxxx@xxxxxxxxxxxxx.xxx
Xxxx Xxxxxxx
Director
x000 0 0000000