On Wednesday, the General Shareholders’ Meeting of Vitruvio approved the definitive absorption of the real estate company Fidelges, which will increase the portfolio of the Socimi led by Joaquín López-Chicheri (pictured below) by €21.4 million, adding 3 residential properties spanning 5,988 m2 in Madrid into the mix.
That deal, together with the reincorporation of several newly-renovated properties into the Socimi’s portfolio (50% of its assets have been undergoing renovation work until now), means that Vitruvio is going to be able to start generating returns from its portfolio from this year. As such it plans to pay its shareholders “substantially better dividends” in 2020.
Vitruvio was the first Socimi to launch a takeover bid for another listed Socimi on the MAB when it acquired Única in November 2018. López-Chicheri expects similar deals to arise naturally in the future, but he does not forecast significant consolidation in the sector.