In any case, without that contribution to the accounting profit (from the larger stake in SFL), the recurring or operating profit grew to €139 million, which represented an increase of 39%, which is also remarkable.
Revenues from rental, the company’s main business, rose by 4% in like-for-like terms. In absolute terms, rental income amounted to €352 million, up slightly by 1% compared to the previous year. “The sale of the logistics portfolio and non-core assets reflects a reduction in revenues due to the divestments made”, according to the company.
Specifically, the Socimi was referring to its divestment of the secondary office portfolio at the end of 2018, the sale of the Hotel Centre Norte to Ibosa and the divestment of the logistics portfolio in 2019.
Rental in the campus
The other major news coming out of these results was the decision by the company to build rental homes on the office and residential campus that it is constructing in Méndez Álvaro in Madrid. That is according to the CEO of the firm who revealed the plans at the press conference. The Socimi will dedicate around 30% of the Project to rental homes and the rest to offices, said Viñolas.