New York-headquartered firm KKR has partnered with local and international investors such as Altamar Capital Partners, Deutsche Finance Group and real estate firm Elix to launch investment platform Elix Vintage Residential Socimi.
The new platform, created through a socimi vehicle (Spanish Reit), aims to invest €100m into the Spanish residential property market over the next three years.
Elix Vintage Residential Socimi plans to create a diversified portfolio of residential assets, mainly located in Madrid and Barcelona, which will be rented after being refurbished.
Real estate firm Elix, founded in 2003 by Jaime Lacasa and Jorge Benjumeda, and specialised in residential, will be the property manager.
Jaime Lacasa and Jorge Benjumeda, founders of Elix, said: “This deal represents a milestone for Elix’s development due to the cooperation with renowned international investors who will support the growth and institutionalization of our company.”
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.”