Aberdeen purchased housing project in Madrid for €15M

Aberdeen purchased housing project in Madrid for €15M

Project acquired by ASI from Gestilar in Pozuelo de Alarcón (Madrid)

The housing project is located in Pozuelo de Alarcón, 10 km East of the capital and within the municipality with the highest income per capita in the country. The building is located in Pozuelo’s urban centre, very close to the train station which connects the municipality to the city centre and it consists of 46 dwellings, 46 cellars and 47 parking spots. It also has common areas such as swimming pool, gym and a multipurpose hall. The dwellings can have one, two or three bedrooms.

It is expected for the construction license to be obtained during the beginning of this year and to be concluded by December 2022.

Pilar Valencia, Head of Asset Management and Transactions, Spain and Portugal at Aberdeen Standard Investments, commented that «this is the second housing project we acquire in Madrid in one year and we are delighted with this purchase which endorses our strategy of investing in high-quality housing assets. Located within one of the best areas of the city, this project allows us to diversify our portfolio, seeking profitability for our clients, while demonstrating Spain’s potential in terms of real estate assets».

Marc Pamin, Deputy Head of Residential at Aberdeen Standard Investments, added that «the acquisition of this housing building within one of Madrid’s best areas and with excellent connections in terms of public and private transport to the city centre represents an operation with a high added value. It may offer our investors long-term rents and growth potential with an increasingly wider diversification».

The transaction had the legal advice of Garrigues; the technical advice of Almar Consulting and the financial structuring advice of Garrigues and Flick Gocke; the broker was Colliers and the commercial due diligence was carried out by Magnum Partners.

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