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15 June 20213 minute read

DLA Piper advises Allianz Real Estate on the acquisition of Socimi Elix Vintage from KKR and Altamar

DLA Piper has advised Allianz Real Estate, acting on behalf of several Allianz Group companies, on the acquisition of Socimi Elix Vintage from KKR and Altamar. The insurer acquired the company specialising in rental housing in Madrid and Barcelona after reaching a purchase agreement with the KKR and Altamar funds and other minority partners for the acquisition of the capital they hold in the company. The offer has been extended to all minority shareholders of the company, which is listed on BME Growth.

With this transaction, Allianz Real Estate aims to strengthen its portfolio of real estate assets in Spain and to build a portfolio of refurbished and professionally managed properties with a long-term vision. The Socimi Elix Vintage has a current portfolio of 21 buildings in Madrid and Barcelona with a total of 421 homes and 40 commercial properties.

DLA Piper's multidisciplinary team advising Allianz Real Estate on this transaction was led by Joaquín Echánove (Corporate/M&A partner) and Orson Alcocer (Head of Real Estate, partner). Jesús Palencia, Of Counsel of Capital Markets, Francesco Bachillier (Corporate/M&A senior associate), Ángel Maestro (Real Estate senior associate) and Carlos Fuerte (Corporate/M&A associate) also participated.

Joaquín Echánove comments: "It is a pleasure to accompany Allianz Real Estate in this complex transaction, with both commercial and real estate components. As a full-service multidisciplinary firm, our team has been able to address all the needs of the client and the transaction for one firm in record time."

Orson Alcocer added: "This is a very relevant transaction in the Spanish real estate market, one of the most important of the year in the residential sector, and I am very proud that DLA Piper has advised such an important player as Allianz Real Estate on a transaction of this level."