Australia’s second largest pension fund Aware Super has agreed to buy an equity ownership in Vivenio Residencial Socimi S.A. for more than €400 million, joining APG as an equal shareholder in the company.
Launched by Dutch pension provider APG Group NV (APG) on behalf of its pension fund clients and Spanish real estate listed player Renta Corporación in 2017, Vivenio Residencial Socimi S.A. is a Spanish Private Rental Sector (PRS) platform dedicated to the development, acquisition and management of residential properties for rent in Spain.
APG will sell part of its shares so both APG and Aware Super will hold an equal economic interest in the company. Additionally, both shareholders have committed to invest €200 million each to fund Vivenio’s growth plans.
Aware Super said Vivenio would continue its expansion with new acquisitions of operating assets, in-house developments and turn-key projects in major cities across Spain to become the leading Private Rental Sector (PRS) player in the Spanish market.
Vivenio’s portfolio consists of 34 yielding assets, 10 turn-key projects and 3 in-house developments located mainly in Madrid and Barcelona city, with almost 6.000 units and an estimated market value at completion of more than €1.600m
”We are really proud of this new partnership with a leading international investor such as Aware Super. The additional commitment from both shareholders will allow us to grow further our quality portfolio, create significant synergies and economies of scale in our asset base and, most importantly, to keep providing our tenants with best-in-class residential properties,” said Daniel Loureda, Chief Executive Officer of Vivenio.
“As founding partner of this company, we are delighted that like-minded investor, Aware Super, is joining us and committing to work with us to grow the platform through an additional capital injection. Vivenio matches our strategy to deliver stable, long term returns in prime real estate worldwide on behalf of our pension fund clients. We look forward to working with Aware Super to expand the offering of best-in-class residential for rent properties in Spain,” said Robert-Jan Foortse, Head of Real Estate Europe at APG.
”We are delighted to be partnering with APG again to purchase an equal ownership in Vivenio and launch our strategy in residential property in Europe. This opportunity reinforces our market-leading approach and complements our significant investments in the residential sector in the US and Australia. Increasing our exposure to quality, sustainable, secure and affordable residential assets like Vivenio, both in Australia and globally, is a critical element of our long-term strategy in property,” commented Alek Misev, Portfolio Manager – Property at Aware Super.