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Allianz Acquires Elix from KKR and Altamar for €140 Million

Allianz has bought a socimi specialising in rental housing in Madrid and Barcelona from KKR and Altamar Capital Partners for €140 million.

The investment firm KKR, Altamar Capital Partners and other investors have sold 99.7% of their stake in the residential platform Elix Vintage Residencial to the insurer Allianz for almost €140 million.

Elix VRS was created in 2017 to invest in the residential market in Madrid and Barcelona through an aggregation strategy. Its portfolio consists of 21 residential assets comprising more than 420 units. Elix will continue to manage the asset portfolio following its acquisition by Allianz.

Thirteen of the properties are located in Madrid and eight in Barcelona. Most of them are residential for rent, with several assets functioning as co-living or short-term corporate operators. Since acquiring the properties, the company has refurbished more than half of the units, while the remainder is underway.

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