Residential refurbishment and rental program focused on the core Spanish cities of Barcelona and Madrid.
We are investors in a joint venture (“JV”) with KKR and Altamar Capital Partners that will deploy c. €100 million in the Spanish residential market. The JV’s focus is on building a portfolio of rental apartments in the core Spanish cities of Barcelona and Madrid that require refurbishment.
The JV’s local operating partner is Elix, which has a best-in-class team and a strong track record in the Spanish residential market. The JV partners’ strategy involves assembling a diversified rental residential portfolio, which offers significant value creation opportunities through hands-on asset management and targeted capex work. The properties will concentrate on city centre locations in Barcelona or Madrid, acquired off-market through Elix’s extensive local network.