International property investment specialist Catella Real Estate AG has acquired a build-to-rent (BTR) affordable residential property in Madrid.
The building at 10-12 Avenida de la Gran Vía del Sureste, in Ensanche de Vallecas is managed by Catella AM Iberia. It joins a portfolio in Spain of more than 2,300 properties in Madrid, Barcelona, Valencia, Seville, Pamplona and Vitoria.
The BTR Madrid residential development has a total built area of 10,080 square metres above ground. It includes 148 one and two-bedroom subsidised apartments, 152 parking spaces, 148 storage rooms as well as one commercial space. The homes will also have an A energy rating and BREEAM@ ES VIVIENDA, BUENO certification.
Well connected
The property is very well connected to Madrid through Metro 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 also the A3. It is near public and private schools, supermarkets and shopping centres, parks and green areas.
The turnkey contract was secured in May 2021 by Catella AM Iberia on behalf of the Sarasin Sustainable Properties – European Cities Fund. The fund is managed by Catella Real Estate AG.
Eduardo Guardiola, CEO of Catella AM, says, “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 the 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”.
