Leading private equity firm KKR and a group formed by local and international investors including Madrid-based Altamar Capital Partners and London-based Deutsche Finance Group have created an investment platform with local property developer Elix to invest €100 million in the Spanish residential real estate market. The vehicle debuted with a price of €0.95 per share and a market cap of €43 million.
Elix Vintage Residencial Socimi, S.A., the newly listed REIT, aims to create a diversified portfolio of rented residential properties located mainly in the cities of Madrid and Barcelona. Its current portfolio comprises 4 buildings in ownership and purchase agreements for the acquisition of another 8 buildings.
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.”