Spanish REIT All Iron Re I is planning to raise up to €120 million to invest in tourism-centric real estate.
The focus for the company will be Madrid and Barcelona as well as other cities in southern Spain according to Spanish newspaper Cinco Días.
“[T]he objective of this capital increase is to continue reinforcing the growth plan, which already has 11 properties in the portfolio, as well as the putting into operation of the assets that the company currently has under construction or growth,” the company told Hosteltur.
All Iron is aiming to have 735 apartments by 2024 with 158 already in operation. The company targets building plots and existing buildings with the objective of turning them in to urban aparthotels, corporate or student residences, hostels or hotels.
Jon Uriarte and Ander Michelena founded All Iron Group. The pair setup Ticketbis before selling it to Ebay in 2016 for €165 million. It is based in Bilbao, Spain.