KKR, along with Altamar Capital Partners and Deutsche Finance Group and residential real estate firm Elix, formed Elix Vintage Residencial Socimi, a platform to invest 100 million euros in the Spanish residential real estate market. The platform aims to invest its capital within the next three years to create a portfolio of residential assets that will be refurbished and rented, mainly located in Madrid and Barcelona.
KKR, a leading global investment firm, and a group formed by local and international investors including Altamar Capital Partners and Deutsche Finance Group have created, together with Elix, a specialist residential real estate firm, an investment platform to invest €100 million in the Spanish residential real estate market.
The new platform, Elix Vintage Residencial Socimi, S.A., has been created in a Socimi vehicle and aims to invest its capital within the next three years to create a diversified portfolio of residential assets, mainly located in Madrid and Barcelona, which will be refurbished and rented. Elix will be the property manager, owing to its successful track record in similar investments since it was founded in 2003 by Jaime Lacasa and Jorge Benjumeda. Elix also has a large project team with diverse skills along the value creation chain and a recognized brand and style.
Guillaume Cassou, Member and Head of European Real Estate at KKR and Chairman of the Socimi commented: “We are delighted with this new investment in Spain, where KKR has built up a strong presence and investment track record over the last years, and in a sector which we believe has a long-term upside. We also look forward to working closely with our partners Altamar and Elix.”
Jaime Lacasa and Jorge Benjumeda, founders of Elix added: “This deal represents a milestone for Elix’s development due to the cooperation with renowned international investors who will support the growth and institutionalization of our company.”
The advisors to the transaction have been Freshfields, RCD (Rousaud Costas Durán) and BDO Abogados.