The investment firm KKR and the real estate manager Altamar Capital Partners have agreed to sell the Socimi (listed real estate management company) Elix Vintage to the German insurance group Allianz. This, through two subsidiaries, will take over 99% of the shares of the real estate company, for which it will pay close to 140 million, as the firms involved have made public and it has been transmitted in a statement to BME Growth, the Old Alternative Stock Market, where Elix Vintage is listed.
The Socimi acquired by Allianz has 21 residential real estate properties dedicated to rental. 13 are in Madrid and 8 in Barcelona. In total there are 421 units, mostly rental properties, although the current owners point out that there are also assets of coliving (houses with shared spaces) and other short-term (usually tourist rentals). Not all the homes are on the market, since the selling party points out that approximately half are still in the process of being renovated to be put into operation.
Global Azawaki SL and Allianz Compañía de Seguros y Reaseguros SA, both subsidiaries of the Allianz group, will acquire 83.9 million shares of Elix by virtue of the agreement, which is equivalent to 99.7%. For the rest, they will launch an offer at least under the same conditions, which involve the payment of 1.66 euros per participation. This raises the price of the operation to about 139.4 million euros.
The operation should be completed in a relatively short period of time, as it is scheduled to close on July 1. According to the statement sent to the stock market operator, Allianz seeks with the operation “to strengthen its portfolio of real estate assets in Spain and, in particular, to offer professionally renovated, maintained and managed residential units, creating value for its tenants and investors.”
The German insurance group is the largest in its sector in Europe and one of the largest asset managers in the world, with almost € 1.7 billion under management at the end of 2019. Allianz has more than 147,000 employees worldwide and serves some one hundred million customers in more than seventy countries. It has been listed on the stock market since the end of the 19th century and has been part of the German benchmark, the Dax30, since it was created.