Domo Activos acquires a plot in Malaga owned by the City Council and the national government

• The listed company was awarded the asset after the respective public auctions held by both entities to sell the plot.
• Domo Activos will develop a 37-unit building with garages, storage rooms, swimming pool and retail spaces.
• The purchase cost was €3,636,000 + VAT
• The developer’s shareholders decided to opt out of the REIT regime in December 2019.

The new development phase of Domo Activos begins with the purchase of a residential plot in the city of Malaga, a few meters from Paseo Marítimo Antonio Banderas, where it plans to develop 37 homes, 58 parking spaces and 37 storage rooms. Construction work will start shortly, once the bidding process for construction companies is complete and the building license is issued.

The plot was awarded after the public tender held by the Malaga City Council for the sale of this asset. Domo Activos acquired an undivided share of 55% of the plot, having purchased the remaining 45% in May 2019 at a public auction of State-owned land. The purchase cost was €3,636,000 plus VAT

The General Shareholders’ Meeting of Domo Activos decided last December to opt out of the REIT regime and steer the company’s activity in a new direction, mainly towards the development business. The company will continue to be listed on the MAB in the expanding companies segment.

Domo Activos offers its investors the opportunity to invest in the real estate market through the development and subsequent sale of the assets. The bulk of the profits it offers its shareholders stem from the capital gains that are realized once an asset is sold, meaning the decision to sell its first development and the imminent start of construction on its second residential building are part of the company’s business strategy.