The project will consist of a residential building with 160 dwellings for rental, which management company Azora will develop within one of the parcels it bought from Atletico Madrid last summer. This building will have 14.000 sqm, 1.900 sqm of commercial areas and 2.000 sqm for common areas such as gardens, swimming pool and playgrounds.
For this “key-in-hand” operation, the Scottish management company was advised by consultant TC Gabinete Inmobiliario, architectural office Garrigue and Arcquitec and Magnum & Partners. It should be noted that the transaction was carried out by its Aberdeen Standard Pan European Residential Property Fund which already has a portfolio estimated at more than 1.100 million euro, revealed newspaper Expansión.
On this operation, which is the first the fund carries out in Spain, Pilar Valencia, Head of Asset Management and Transactions, Spain and Portugal at Aberdeen Standard Investments, commented that « this acquisition allows us to diversify our real estate portfolio, seeking benefits for our investors and, at the same time, showing potential Spain has in terms of real estate investment».
Marc Pamin, fund manager at Aberdeen Standard Pan European Residential Property Fund, further added that «the acquisition of this residential building in such an in demand location in a key city such as Madrid, is very important for our portfolio due to the great potential in terms of revenues and long-term growth we are seeking for our investors, as well as constant diversification».
This is only one of the buildings Azora has planned for these terrains purchased as part of operation Mahou-Calderón together with CBRE Global Investment Partner. On the other parcel, the company should develop 223 dwellings for sale. According to the two companies at the time, the construction of these projects will be carried out by Gestilar and it should start during the fourth quarter of this year and be finished by the end of 2022.
For Scottish management company Aberdeen Standard Investments, this operation is in line with its investment strategy carried out last year in Spain. From Torre Auditori to Pepsico Headquater, both located in Barcelona, the company already spent more than 250 million euro over the last 18 months.