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