Frankfurt-headquartered DWS has forward purchased two residential developments in Spain for nearly €100 million on behalf of its German retail and institutional real estate funds.
The acquisitions are DWS’s first residential deals in Spain. The asset manager bought the assets in two off-market deals with local residential sector partner Urban Input. The build-to-rent projects are located in Ensanche de Vallecas, Madrid, and in the metropolitan area of Barcelona.
The projects will each provide 320 residential units with a parking space and storage room as well as communcal facilities including swimming pools, paddle tennis court, gym, co-working areas and playgrounds. Practical completions on both schemes are expected in the first half of 2023.
The acquisitions support DWS’s European strategy and follow investments in residential assets in Germany, the Netherlands, Finland and Ireland.
Ronen Ribak, head of real estate transactions, Europe at DWS said: “Demand for affordable rental housing in Spain remains positive despite the difficult market conditions given the Covid-19 pandemic. We will continue to expand our European footprint in this sector seeking significant, residential investment opportunities in strong and stable locations both in countries where we have an existing presence, as well as new ones in the near future.”