KKR, a leading global investment firm, and AltamarCAM Partners, a leading private markets specialist, and other investors today announced the sale of their stake in the Spanish residential real estate platform Elix Vintage Residencial Socimi S.A. to Allianz.
Elix will continue to manage the portfolio under the new ownership. The Elix Vintage Residencial Socimi S.A. was launched in 2017 to invest in the Madrid and Barcelona residential real estate markets through an aggregation strategy. The current portfolio comprises 21 residential assets including 421 units, with 13 properties in Madrid and 8 properties in Barcelona. The majority of assets are residential to rent, with several assets operated by co-living or short-term corporate operators. Since acquiring the assets, the investor consortium has completed the refurbishment of over half of the units, with the remaining units undergoing renovations. KKR’s investment in Elix Vintage Residencial Socimi S.A. was made through its Real Estate Partners Europe I Fund.
Guillaume Cassou, Partner, Head of Real Estate Europe at KKR said: “We are delighted with the successful execution of the plan we set out in 2017 to invest capital, alongside AltamarCAM Partners and Elix, in high-quality residential refurbishment projects. Our investment thesis has been realised and we welcome Allianz as a new owner of the portfolio. The residential sector continues to be a priority for us, building on our track record of working with expert local managers and developers”.
Fernando Olaso, Managing Partner at AltamarCAM Partners commented: “The partnership between AltamarCAM, KKR and Elix has worked extremely well. We have deployed a very hands-on value add strategy in building this great portfolio. Throughout, we have created significant value, factoring ESG principles into the refurbishment and significantly improving the energy efficiency across the portfolio. We are very pleased to see that Allianz, a reputable long-term investor, will be taking over from us and will continue to work on similar principles”.
The transaction is expected to close in July 2021. Freshfields and DWF-RCD acted as legal advisors to the sellers.