Clifford Chance

Clifford Chance advises Allianz Real Estate on the acquisition of its first PRS portfolio in Spain

Clifford Chance advised Allianz Real Estate, which was representing various Allianz Group entities, on the acquisition of its first portfolio of Private Rented Sector (PRS) portfolio in Spain through the purchase of Spanish REIT (SOCIMI) Elix Vintage Residencial SOCIMI, S.A. The purchase was executed after an agreement was reached with Elix's main shareholders (KKR, Altamar Capital Partners and other minority shareholders) on the acquisition of the shares held by them. The offer was extended to all the minority shareholders of the company, which is listed on BME Growth.

The portfolio comprises 421 residential units at 21 assets located in first-rate urban areas in Madrid and Barcelona and targeted at the middle market. Elix, one of Spain's major real estate investment managers, will manage the assets.

The Clifford Chance team that advised on the tax aspects of the transaction was made up of Pablo Serrano de Haro, the partner in charge of the tax department in Spain, Julia Villalón (senior associate) and Carlos Carrera and Marta Rodríguez (junior associates). The team was also supported by the Luxembourg office, specifically by Geoffrey Scardoni, the partner in charge of the tax department in Luxembourg, and Josselin Badoc (counsel).