EY Abogados on €230M residential platform
EY Abogados has advised Diaphanum Real Estate and Clikalia on the creation of a residential investment vehicle with a projected investment of €230 million, focused on the acquisition, refurbishment and subsequent sale of housing assets. The platform will invest in residential properties in Spain, targeting value creation through refurbishment and resale — a strategy commonly referred to in the market as flipping.
The vehicle will invest in Madrid, which will account for at least 80% of the homes to be refurbished, as well as in Málaga. Both cities have an ageing housing stock. In Madrid, the average age of residential properties is around 60 years, while in Málaga it stands at approximately 40 years. The companies expect to refurbish more than 200 homes.
EY’s advice on the transaction focused on legal and tax matters and was provided by a team led by Carmen Constante, partner in the tax practice, and Natalia Tova, senior manager in the legal team (both pictured from left to right).
