Montepino, a SOCIMI dedicated to the real estate logistics sector and promoted by Valfondo and Bankinter, obtained losses of 157 million euros in 2023, compared to the positive result of 32.6 million the previous year, due to the impact of interest rates on the valuation of their assets.

However, this is an item that only responds to an accounting effect and does not imply a cash outflow, in the same way that has happened with all Spanish SOCIMIs, and that contrasts with the increase in activity recorded by the company on last year.

Specifically, it increased its income from the rental of its warehouses by 40%, up to 36.6 million euros, as a result of the delivery of 220,500 square meters of leasable spaces, 51% more than the previous year.

In parallel with the evolution of its logistics promotion activity, Montepino promoted improvements in operational efficiency that allowed it to increase net income by 46%, up to 31.5 million euros, which contributed to the growth of the gross result of exploitation (Ebitda), which reached 19.5 million euros, 65% more than in 2022.

The SOCIMI – which is listed on Euronext Access Paris – obtained a total of 209 million euros of green financing in 2023 for five logistics projects, in an environment marked by the tightening of conditions for access to credit, according to the company. a statement, in which it reports an LTV (ratio of debt to the value of assets) of 39%.

The gross asset valuation (GAV) stood at 1,252 million euros, distributed across 51 logistics assets, of which almost half correspond to operational warehouses (25) and the rest to land in the main transport routes destined for development and future promotion (15) and properties under construction (11).

The board of directors has already called a general meeting of shareholders for June 17 on first call, proposing the distribution of freely available reserves for a maximum amount of 26.5 million euros, payable in one or several times during the next 12 months.