Spanish REIT, Elix, invests €23.2M in 3 Madrid buildings

Elix Vintage Residencial SOCIMI (ELIX VRS) has formalised the acquisition of a 3,360m² building in Madrid for €12.4 million excluding VAT in addition to two smaller assets for €10,800,000.

For the larger asset, the fund has received an asset-backed loan from Banco Sabadell with 57.8% loan to value amounting to €7,400,000 and a 15 year duration at a fixed interest rate of 2%. The loan includes monthly amortization and three extraordinary repayments in December 2021 2022 and 2023 amounting to €843,200, €843,200 and €421,600 respectively.

The Spanish REIT was listed by KKR, Altamar and London-based Deutsche Finance Group on the 11th of July at a price of €0.95 per share and a market cap of €43 million, as published by SpanishREIT.com.

Elix Vintage Residencial Socimi, S.A., 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.

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