Elix VRS was created in 2017 to invest in Madrid and Barcelona’s housing market, through an aggregation strategy. Its portfolio includes 21 housing assets which represent a total of more than 420 units. Elix will continue managing the portfolio after Allianz’s purchase becomes final.
The portfolio includes 13 assets in Madrid and 8 in Barcelona. The majority are housing dwellings for rental, with several assets operating as co-living and short-term corporate operators. Since the assets’ acquisition, the company refurbished more than half of them and the remaining ones are undergoing the same process.
KKR’s investment in Elix Vintage Residencial Socimi was carried out through its fund Real Estate Partners Europe I. The operation is expected to be concluded next July.
Guillaume Cassou, head of Real Estate Europe at KKR, assured they are very happy «with the execution of the plan we set in 2017 to invest, together with Altamar Capital Partners and Elix, in high quality housing refurbishment projects. Our investment strategy has been applied and we welcome Allianz as the portfolio’s new owner».
Freshfields and DWF-RCD were the seller’s legal advisors.