Catella AM led the purchase of 148 units of subsidized turnkey real estate by the Sarasin Sustainable Properties Fund in Madrid for 22 million euros.
The residential complex in Ensanche de Vallecas (Princesa de Capurtala, 25) is under construction. The project will consist of 148 1- and 2-room subsidized residential units with energy rating A and BREEAM certification. When the construction is completed, there will be 152 parking spaces and 148 storage rooms. On an area of 10,080 sq. m., 1 commercial premises, public areas, and a swimming pool will be available for residents.
The purchase of this property will be the fund's first investment in the residential sector of Spain. According to Eduardo Guardiola, director and partner of Catella AM Iberia, the signing of the agreement contributed to the entry of another fund managed by Catella into the Spanish real estate rental market. The company actions will maintain investment growth and increasing customer interest in the capitals of Spain and Portugal.
The management company will once again expand its rental property portfolio after acquiring two more residential buildings in Spain by the end of September. A fortnight ago, the company closed a deal to purchase the Dos Hermanas building (Seville) for Investment Management for 12.6 million euros. It also managed the purchase of the Ezcaba building in Pamplona for another 9 million euros.
Catella AM claims that its strategy is to invest in housing, and thanks to the sum of these three transactions, it has managed to significantly expand its housing portfolio in the country over the past month.