Mutuactivos SGIIC has signed a service agreement with Azzam Vivienda S.L.U. Specifically, Azzam will be responsible for carrying out the necessary procedures and management tasks related to Mutuafondo Vivienda Premium, FILPE, the pioneering investment fund recently launched by Mutuactivos SGIIC.
Mutuafondo Vivienda Premium is the first fund created under the FILPE structure (European Long-Term Investment Fund), which has a dual purpose, making it a differentiated product in the market: on the one hand, providing liquidity to individuals over 65 who own their primary residence, which they may transfer to the fund while continuing to live in it (becoming “habitacionistas”). On the other hand, it allows interested investors to participate in a diversified residential real estate portfolio.
Comprehensive real estate management services
Azzam will provide a full range of real estate services related to the management of the project—from the initial purchase of the property to its potential refurbishment and sale. Specifically, Azzam will oversee the following functions:
Property purchase and sale:
Azzam will provide services both to Mutuactivos and to the current homeowners. It will support sellers in gathering all necessary documentation to complete the property sale and in handling the relevant administrative procedures.
Property management:
Once the property has been sold, Azzam will assist the habitacionistas in resolving any issues that arise with the homes. In case of breakdowns or incidents, Azzam will manage the necessary steps to carry out repairs and will provide information to process claims.
Additionally, Azzam will act as the investment fund’s representative at homeowners’ association meetings from the moment the property is transferred.
Refurbishment and subsequent sale:
If required, Azzam will manage the necessary refurbishment work once the sellers’ right of habitation ends. It will also handle the subsequent sale of the property.
Luis Ussía, Chairman and CEO of Mutuactivos, states: “It is a pleasure to count on Azzam’s experience and professionalism in the development of such a pioneering and unique project in the market as Mutuafondo Vivienda Premium, FILPE.”
For his part, Tomás Morín, Managing Director of Azzam, says: “We are very pleased to have been selected by Mutuactivos for this contract, which represents major recognition of our track record and our positioning as a leading residential management company in Spain. Mutuactivos has been highly innovative in the development of this project, which stands out for its unique approach and the advantages it offers clients, making us confident of its excellent market reception.”
A solution for individuals over 65
The investment policy of the Mutuactivos fund is based on acquiring homes from people over 65 who wish to use the savings accumulated in their property without having to leave their home, as they may continue living in it until their death, without paying rent. To provide this service, Mutuactivos has launched its Viventua initiative, aimed specifically at older individuals interested in monetizing their home and obtaining immediate liquidity. In collaboration with Azzam, Mutuactivos will support them throughout the entire property sale process.
Once the sale is completed, ownership of the property transfers to Mutuafondo Vivienda Premium, FILPE. The fund’s portfolio will consist of the acquired properties, which will be refurbished if deemed necessary, and eventually sold once the right of habitation ends and the fund regains full disposal of the property. Investment in the fund is possible starting from 25,000 euros.
About Mutuactivos
Mutuactivos is the wealth and asset management company of the Mutua Madrileña Group. Currently, it provides financial advisory and planning services and manages over 18 billion euros through investment funds, discretionary portfolio management, pension funds, alternative investment products, and a broad range of savings insurance solutions. It has offices in Madrid, Barcelona, Seville, Málaga, A Coruña, Valladolid and the Canary Islands.
About Azzam
Azzam Vivienda, S.L.U., part of the Azora Group, is a pioneering property asset management company in the Spanish market, with over 18 years of experience, specializing in comprehensive real estate management services for national and international investors. Its portfolio includes residential property management, purpose-built student accommodation (PBSA), senior living, and flex living, among others. It currently manages 23 residential portfolios comprising more than 26,000 homes across Spain.
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