Oaktree Capital Management has acquired the real estate financing platform Xenia Capital, in a transaction that strengthens its position in the Iberian real estate market.
Xenia Capital has established itself in the region by financing developments in strategic locations such as Madrid, the Costa del Sol, and Barcelona. Its portfolio includes a diverse range of assets, including build-to-rent projects, residential properties, co-living spaces, and five-star hotels located in key tourist destinations.
The acquisition, which includes Xenia and its existing loan portfolio, was made from Pacific Investments. It builds on the longstanding partnership between Oaktree and Xenia, following a successful three-year joint venture in Spain in which the two parties co-invested more than €220 million.
Xenia’s chief executive, Rory Buchanan, and managing partner, Gonzalo Barrios, will retain equity stakes in the company while continuing to lead its transition and future expansion under Oaktree’s ownership.
In addition, Xenia has secured a €200 million senior loan facility from JP Morgan. This financing will support the scaling of the platform and provide capital for both existing and new investment opportunities.
Nael Khatoun, portfolio manager within Oaktree’s European private debt strategy, said that the acquisition “is a testament to the strength of the partnership between both of our teams and is a natural next step in our collaboration”.
“We are highly optimistic about private credit opportunities in Europe and firmly believe in the growth potential of the Xenia platform,” he added. “The transaction cements our strong position in Iberian real estate and we look forward to working with the Xenia team to build on our successes to date.”
“Having built one of the most reputable alternative lenders in the Iberian market, we will now be able to leverage Oaktree’s private credit experience to significantly scale the business,” said Buchanan.
“We look forward to building on our initial success with Oaktree, and with fresh capital resources, we are well-positioned as we enter this next phase of growth. I would like to thank the Beckwith family for their partnership and support over the years in making Xenia the strong, rapidly growing credit platform it is today.”
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