Gesvalt has once again been chosen by Blackstone to carry out a valuation of the new REIT Torbel, before its Initial Public Offering, and this is the third time the investment fund have chosen Gesvalt to value one of its Real Estate Investment Companies.
Torbel Investment has three companies in its portfolio that together control almost 2,500 assets. Most of the assets are homes, although there are also commercial premises, storage units and parking spaces.
In line with Gesvalt’s valuation, the REIT has been listed on the Spanish market at € 11,45 per share, giving it a market value of 92.2 million euros.
With around 70% market value, most of the properties are between Madrid Cataluña and Valencia, and the latter actually has a majority of 36.5%. Cataluña is next with 17.8% and Madrid with 15.9%. For the moment, around 58% of the portfolio is occupied, while 42% need occupants. The assets are from a portfolio that Blackstone bought from Banco Sabadell.
Torbel became the fourth REIT Blackstone listed, as well as being REIT number 53 on Spain’s Alternative Stock Exchange.