Catella Real Estate has purchased a built-to-rent subsidized residential building located in Ensanche de Vallecas, Madrid, on behalf of the Sarasin Sustainable Properties – European Cities Fund.
The building is managed by Catella AM Iberia, which has a portfolio in Spain of more than 2,300 properties in Madrid, Barcelona, Valencia, Seville, Pamplona and Vitoria.
The residential development, located at Avenida de la Gran Vía del Sureste 10-12, has a total built area of 10,080 square metres above ground and includes 148 one- and two-bedroom subsidized apartments, 152 parking spaces, 148 storage rooms and 1 commercial space. The homes will also have an A energy rating and BREEAM@ ES VIVIENDA, BUENO certification.
The property is very well connected to Madrid through Metro Line 1 (Valdecarros Station, Line 1), and close to bus stops (Line 145). By car with direct connection to other parts of Madrid and the metropolitan area via the M45, M50 and A3.
The area counts on all kinds of services that favour the quality of life of the tenants: public and private schools, supermarkets and shopping centres, parks and green areas.
Eduardo Guardiola, CEO of Catella AM, said: “Vallecas is the third BTR project that we have originated and brought to success for our investor partners. Catella AM Iberia and its clients will continue to solve shortage of affordable and quality rental housing in Spain. We have the origination, development and management capabilities to continue providing value to our clients and local communities”.
Jaime Sarrà, Senior Investment Manager of CREAG adds: “We are happy to announce the 27th acquisition of our SSP Fund, while being the first residential investment in Spain. This will allow the Fund to further diversify across Europe, increase its residential allocation, contribute to the Spanish social housing market with high ESG standards and keep offering attractive returns to investors”.
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