France’s listed asset manager, Tikehau Capital, wants to acquire vacant residential units within Madrid’s M-30 ring road and create high quality residences.
It has struck an agreement with Almond Real Estate and Elix to build a ‘substantial portfolio’ of completely refurbished stock with an emphasis on design and ESG considerations.
Tikehau Capital has agreed a deal to become a significant shareholder in the platform as part of its value added program. It manages Value-Add, Core+ and Core strategies totalling €500 mln in overall investment volume. It is the third transaction in the residential asset class within Iberia.
Almond Real Estate has been a residential specialist since 2011 that aims to use its technological expertise and know-how to drive the strategy.
Elix is a Barcelona-based firm founded in 2003 by Jorge Benjumeda and Jaime Lacasa and has more than €750 mln of AUM. It has a track record of establishing real estate investment vehicles for institutional investors. Elix's main backers include KKR, CBRE IM and Altamar. It ls also the manager of residential rental assets in Spain for Pimco, formerly Allianz RE.
Carmen Alonso, head of Iberia and UK at Tikehau, said: ‘We are proud to be able to enhance housing accessibility in Madrid through the launch of this strategy, particularly in the challenging context of rising inflation and financing costs.’
‘This project marks another step towards in the consolidation of the granular market, a niche that we aim to lead, and that is positioned to be one of the most promising in the real estate sector. The granular sector will undoubtedly play a key role in increasing the supply of housing in city centres and providing high-quality housing that focuses on both design and energy efficiency.’
