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  • The sale amount is 7.4% above the last RICS valuation of the properties and allows SILICIUS to reduce its indebtedness by 10.7 million euros, bank debt of the properties sold
  • The operation is part of the SOCIMI’s rotation strategy, estimated at 100 million euros this year

Madrid, March 31, 2023SILICIUS Real Estate, SOCIMI specialized in the management of long-term properties with stable rents, has completed the sale of two commercial assets located in the municipalities of San Sebastián (Guipúzcoa) and Getafe (Madrid), in an operation that amounted to 24.6 million euros, which is 7.4% higher than the last RICS valuation of the properties.

SILICIUS’ Managing Director, Juan Diaz de Bustamante, has explained that “these operations are part of our rotation strategy if a good opportunity arises in the market”. “In both cases we have received an offer aligned with what was expected by the properties and, taking into account both that and the current environment in which we find ourselves at the macroeconomic and financial level”, he argued.

The property located in San Sebastián is a commercial premise located at Calle Amara, 20; rented to Eroski and has a gross leasable area of 1,976 sqm. In its vicinity is located the largest urban development of the city in recent years: San Bartolomé Hill.

In turn, the commercial retail park of Getafe is located in the Nassica Business Park. It has a gross leasable area of 10,000 sqm and is entirely leased to Leroy Merlin. This asset stands out for its location 20 minutes from Madrid centre and with direct access to the A-4, A-42, M-45 and M-50.

The two operations represent a generation of cash to invest in pending capex and about 100 million euros also for investment in capex, remunerating the shareholder and reducing financial debt. Likewise, a reduction in the indebtedness of SILICIUS Real Estate for an amount of 10.7 million euros, bank debt that the properties had sold; and are part of the SOCIMI’s strategic plan, which involves divesting.