Patrizia has invested €52 million in a Build to Rent turnkey development in Barcelona, a further signal of the German group’s commitment to multifamily investment strategies in Iberia.
With this transaction, Patrizia increases its residential assets under management in Spain to over €250 million and its total AUM in the country to €1.45 billion. Global AUM are over €48 billion.
The company has forward purchased a Build to Rent turnkey development in Badalona and Esplugues de Llobregat, in the greater Barcelona area, for €52 million, on behalf of its institutional clients.
“We are convinced that residential, especially multifamily housing, will continue to deliver cash-flow stability and diversification benefits if underwritten properly, helping our clients to generate their required returns to meet pay-out obligations”, said Eduardo de Roda, Iberia
With these new residential assets, Patrizia will strengthen its footprint in the Spanish Build to Rent segment. This latest acquisition, comes shortly after the purchase of a Build to Rent turnkey development in Alcobendas (Madrid), as part of the company’s continued expansion of its residential portfolio in Spain, with assets totalling more than 60,000 sqm.
Once construction of the new development is completed by end of 2023, it will provide 128 residential units. Upon completion, the buildings will span respectively 7,305 sqm (Esplugues) and 7,170 sqm (Badalona).
The Esplugues de Llobregat building will comprise 69 units and amenities such as a swimming pool and its own green spaces and it will be situated in a quiet, residential area. It will be located in the Finestrelles neighbourhood, adjacent to the city of Barcelona and just a few minutes’ walk from its University Area and the Les Corts district.
The Badalona building will It will comprise 59 units, and, in addition to a swimming pool and green spaces, it will also have a commercial area of 650 sqm on its ground floor.
It will be located on Avenida d’Eduard Maristany, which borders onto the city’s beach and its marina and is just a few minutes’ walk from Barcelona – specifically, from the Diagonal Mar area and the seafront of the Poblenou neighbourhood.
“With this latest investment not only are we following our conviction but we are helping to build vibrant communities where residents will have enhanced quality of life thanks to easy access to the centre of Barcelona and to nearby beauty spots such as beaches and green spaces”, said de Roda.