Allianz acquires a Spanish residential real estate platform for 251 million euros | New


Allianz Real Estate bought its first private rental portfolio (PRS) in Spain for an amount of approximately 251 million euros.

Allianz, acting on behalf of several Allianz group companies, has acquired a majority stake in the Spanish residential real estate platform Elix Vintage Residencial Socimi Elix Vintage, from KKR, Altamar Capital Partners and other investors.

Allianz said it acquired the stake through a takeover bid.

IPE Real Assets understands that the share price published in the tender offer is 140 million euros. Including debt, ongoing investments and other costs, the total value of the stake is expected to be around € 251 million, according to a source.

The Elix Vintage platform was launched in 2017 to invest in the residential real estate markets of Madrid and Barcelona through an aggregation strategy. The current portfolio comprises 21 residential assets including 421 units, with 13 properties in Madrid and 8 properties in Barcelona.

Miguel Torres, Director of Iberia, Allianz Real Estate, said the assets being acquired underscore the importance of sustainability as a competitive differentiator and a means of attracting tenants.

“Madrid and Barcelona have strong fundamentals and we see an opportunity to offer residential units that are renovated, maintained and professionally managed, creating value for our tenants and investors. “

Donato Saponara, Head of Western Europe Transactions at Allianz Real Estate, said this transaction is the first time Allianz Real Estate has structured a PRS acquisition in Spain.

“The structure offers attractive advantages to investors, increasing the possibility of increasing our exposure and its application highlights the strength and technical capabilities of the Allianz Real Estate team. “

Alexander Gebauer, CEO Western Europe at Allianz Real Estate, said the European PRS industry has accelerated in importance, offering investors diversification across asset classes and geography.

“As evidenced by several recent transactions, Allianz Real Estate is focused on further growing its PRS portfolio through the acquisition and development of prime assets and collaboration with leading partners. “

Guillaume Cassou, Partner, Head of Real Estate Europe at KKR said: “Our investment thesis has been completed and we welcome Allianz as the new owner of the portfolio. The residential sector continues to be a priority for us, building on our experience of working with expert local managers and developers. “

KKR’s investment in Elix Vintage was made through its Real Estate Partners Europe I fund.

Fernando Olaso, Managing Partner at Altamar Capital Partners, said: “We have deployed a very practical added value strategy in building this large portfolio. Throughout the renovation, we created significant value, taking ESG principles into account in the renovation and significantly improving the energy efficiency of the entire portfolio. “

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