A new socimi is betting on Euronext. AltamarCAM and Elix have announced that their listed residential real estate investment company, Elix Rental Housing Socimi II, is progressing with its business plan and is expected to be listed on Euronext Access in the near future, according to a joint statement issued by the two companies.
In early 2023, both managers launched this investment vehicle, in which LarrainVial, a Chilean financial services firm, also participates. The socimi has an investment capacity of approximately €150 million and focuses on the acquisition, refurbishment and rental of residential buildings, mainly in the centre of Madrid, with a strong focus on improving sustainability.
Currently, Elix Rental Housing Socimi II already has two buildings in its portfolio in the centre of Madrid and, according to AltamarCam and Elix, it also has "a significant pipeline of investment opportunities" in assets that will be renovated to meet the growing demand for rental housing.
This is not the first time that AltamarCAM and Elix have collaborated in the real estate market. Between 2017 and 2021, both companies partnered for the acquisition of 22 residential buildings in the centre of Madrid and Barcelona through Elix Vintage Residencial Socimi. This portfolio was sold in 2021 to German insurer Allianz, but Elix continues to manage it.
Fernando Olaso, Managing Partner and Co-Head of Real Assets at AltamarCAM, says: "We are very happy with the close relationship we have built with Elix by working together for more than five years". "There is a great opportunity to invest in a sector with good fundamentals and provide solutions to the rental housing shortage," he added.
Jorge Benjumeda, co-founder and CIO of Elix, said: "This new vehicle strengthens the collaboration with AltamarCAM" and that both share "extensive knowledge of the market and the objective of contributing to the development of the Spanish residential sector".