Tag: Jorge Benjumeda

Elix VRS Purchases a Building in Barcelona for €4M

3 December 2018 – Eje Prime

Elix Vintage Residencial Socimi is continuing to back Barcelona. The company, led by the businessmen Jaime Lacasa and Jorge Benjumeda, has purchased a building in Barcelona for €4 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

The purchase of the asset, located on Calle Tamarit in the Catalan capital, has been financed in part (42.5%) by own funds and in part (57.5%) by a loan. The loan, granted by CaixaBank, has a duration of five years with a quarterly repayment schedule.

This operation follows the purchase of another residential property that the Socimi carried out at the end of October. On that occasion, Elix VRS acquired a building on Calle Consell de Cent for €4.1 million, according to a report filed by the company with the MAB. Moreover, in August, the firm purchased a portfolio of four assets in the centre of the Catalan capital for €34 million.

The Socimi, controlled primarily by the property developer Elix and the funds KKR and Altamar Capital Partners, has a portfolio containing more than 25 assets located in Madrid and Barcelona. The company’s plans involve purchasing around forty buildings between now and 2021 to subject them to comprehensive renovations and then put the homes up for rent. That rental income will sustain the Socimi, which plans to rotate its portfolio of assets every three years.

Elix VRS made its debut on the stock market in July. The company, which is headquartered in Barcelona, was created with a share capital of €100 million, the majority of which was contributed by KKR and a group of international and domestic investors including Altamar and Deutsche Finance Group. The rest of the shares are owned by Jaime Lacasa and Jorge Benjumeda, the founders of the Socimi.

Original story: Eje Prime (by B. Seijo)

Translation: Carmel Drake

Elix Buys a Building in Barcelona for €4.1M

26 October 2018 – Eje Prime

Elix VRS is continuing to grow its portfolio as a listed company. The Socimi, led and founded by Jaime Lacasa and Jorge Benjumeda, has acquired a building in Barcelona for €4.1 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

The purchase of the property, located on Calle Consell de Cent of the Catalan capital, has been financed in part by the company’s own funds (45%) and in part by a loan (55%). The loan, granted by CaixaBank, has a five-year term and a quarterly repayment schedule.

This operation follows the acquisition of four buildings in the centre of Barcelona that the company carried out in August for €34 million. The new assets of Elix VRS, controlled primarily by the property developer Elix and the funds KKR and Altamar, are located in iconic areas of the Catalan capital.

During 2018 and after just one year of life, the Socimi already has 25 projects underway in Madrid and Barcelona. With this volume of operations, the real estate company is going to put more than 300 homes on the market. Six of these projects are new build and the other 19 are renovations.

Elix’s plans involve buying around forty buildings by 2021 to subject them to comprehensive renovations and place the homes on the rental market once they have been renovated. These rents will fee the Socimi, which plans to rotate the portfolio of assets that it builds every three years.

Original story: Eje Prime 

Translation: Carmel Drake