Vbare’s Revenues Increased by 11% in 2020 Despite the Impact of Covid

The Socimi lost 4.3 million euros due to the devaluation of its assets, but increased its cash balance by 35% to 3.7 million euros.

Building on Calle San Andrés in Madrid, owned by Vbare.

The Socimi Vbare closed last year with an 11.1% increase in the gross income from the rental of its residential properties, which amounted to two million euros. However, the company acknowledged that its occupancy rates were affected “by the increase in supply and the weaker demand than normal”, due to the health crisis.

The company recognised some defaulted rental payments, but explained that 72% of its lease contracts are protected by non-payment insurance or bank guarantees.

Read the full article in Spanish.