AltamarCAM, a global asset manager focused on investing in private markets, and Elix, a leading residential asset manager in Spain, launched in early 2023 this vehicle with the purpose of creating an institutional portfolio of rental residential buildings.
The vehicle has an investment capacity of around €150 million to be deployed on the purchase, refurbishment and rental of residential buildings mainly in the centre of Madrid, with a strong focus on improving sustainability. In this way, the vehicle seeks to address the obsolescence and shortage of quality rental housing in the city centre.
The portfolio of the Socimi is already composed of two buildings in the centre of Madrid and has a significant pipeline of investment opportunities in assets that will be repositioned to provide rental housing to the growing demand. Elix Rental Housing Socimi II expects to be listed on Euronext Access in the near future.
Between 2017 and 2021, AltamarCAM and Elix already partnered to purchase 22 residential buildings in the centre of Madrid and Barcelona through Elix Vintage Residencial Socimi. The portfolio was sold in 2021 to German insurer Allianz and Elix continues to manage the portfolio.
This new alliance reflects AltamarCAM‘s strategy to increase its direct investment activity in real assets through structured platforms created together with key industry players. In recent years, AltamarCAM has led the investment of ca. €1.5 billion in similar vehicles, with several platforms focused on student housing, senior housing, residential rental, prime second homes and car parks, among others. Three of these vehicles have subsequently been sold to international investors.
This agreement reinforces Elix’s commitment to the residential market. The company is one of the fastest growing asset managers in recent years and currently has more than €750 million in assets under management.
Fernando Olaso, Co-Head of Real Assets in AltamarCAM, said “We are very pleased with the strong relationship we have built with Elix over more than five years of working together. “There is a great opportunity to invest in a sector with good fundamentals and provide solutions to the rental housing shortage.”
Jorge Benjumeda, co-founder and CIO of Elix, commented “this new vehicle reinforces 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”.
LarrainVial, a leading financial services firm in Chile, also participates in the project.
Renta4 acted as registered advisor in the admission process. Freshfields Bruckhaus Deringer, RCD and BDO Abogados advised on the creation of the vehicle.
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