Lift Asset Management (Lift AM) has raised in a ‘successful single closing’ €50 million for Almagro Capital III, its third reverse real estate socimi. Almagro Capital III has reached in a single closing the vehicle's maximum size of €50 million with ‘significant over-demand’ from Spanish and international institutional investors and family offices. ‘This success underlines the solid investor confidence in Lift AM's expertise and the consolidation of reverse residential as one of the most attractive real estate investment opportunities within prime residential in Spain,’ the firm said in a press release.
Almagro Capital III, managed by Almagro Capital, a division of Lift AM, will invest 100 million euros, including the associated leverage in the acquisition, in the purchase of more than 200 homes in super prime and prime areas of municipalities such as Madrid, Barcelona, Valencia, Seville, Malaga and Bilbao under the reverse housing modality - an alternative method of financing for individuals focused on senior citizens that involves the sale of a flat or house to an investor in exchange for a lifetime right of residence.
Francisco López, CEO of Lift Asset Management, commented that ‘the positive reception of Almagro Capital III reaffirms our thesis of investing in reverse housing as one of the most attractive real estate investment opportunities within the Spanish prime residential sector and the differential positioning of Lift AM as an innovative group that offers attractive investment alternatives adapted to the new needs of institutional investors and family groups’.
