PATRIZIA AG has acquired a residential property project in Barcelona, Spain, located in Sant Joan Despí suburb on a 26,000 sq m constructed area, for €74 million.
Upon completion in 2022, the site will deliver 208 mainly residential units with some retail space in one of Barcelona’s most vibrant suburbs, known for its excellent transportation links and high standard of living.
“This acquisition further enhances our already strong position in the Spanish market and is testament to our extensive local knowledge and the ability of our team to source projects that deliver strong returns for our institutional investors,” said Eduardo de Roda, Country Manager for PATRIZIA in Spain.
PATRIZIA’s Iberian property portfolio now totals over EUR 1.3 bn AUM and the residential segment represents 15%.
