tuTechô debuts on the stock market for 28 million and as the first social company in the BME Growth market
The socimi focused on renting homes to social entities, tuTechô, made its debut on the BME Growth index with a market value of 28.6 million euros, becoming the first social company to be listed in this market. According to the president and founder, Blanca Hernández, “any citizen can change the world with their capital” as they can now invest in the company.
The main objective of tuTechô is to “recover the three and a half million vacant apartments in Spain” and provide housing for the 40,000 people facing homelessness. Many empty homes end up being used illegally because owners are unwilling to rent them to homeless people. However, tuTechô aims to bridge the gap between companies, impact investors, administrations, and the third sector to acquire and renovate homes, and rent them to social entities. The company believes that providing stable housing can help integrate homeless individuals into society.
Several companies, including Adaptalia, Azora, CBRE, and Renta 4, among others, are participating in tuTechô. The company has a portfolio of 203 properties and collaborates with 54 social entities. It operates in various cities across Spain, including Madrid and Barcelona. tuTechô’s entry into the stock market not only offers financial and social growth for the company but also provides an opportunity for individuals to support a project that aims to improve the lives of thousands of citizens.
The social company wants to demonstrate that impact investing can coexist with profitability, creating a role model for future real estate investment with a social focus. The company believes in producing a positive change in the lives of people who are suffering and is willing to give up some profitability for the social impact it can create. Hassan, the first tenant of tuTechô, highlighted the importance of providing housing and support for homeless individuals, emphasizing that anyone can end up on the street and that these people need the confidence and opportunity to rebuild their lives.