Advero adds housing asset in Madrid to its portfolio

Advero adds housing asset in Madrid to its portfolio

The newly built property is located in the neighbourhood of Vallecas in Madrid and consists of 17 homes and 15 parking spaces, which will be commercialized «immediately on a rental basis».

In a release, the REIT advanced that the transaction follows the acquisition completed at the end of June when the company added to its portfolio another recently built property in Vallecas, consisting of 16 homes and 11 parking spaces.

Besides these acquisitions, Advero also recently concluded the full renovation of a property composed of 17 homes in Madrid’s Tetuan neighbourhood, an asset acquired from Sareb in December 2019. The marketing of this asset should also begin within the next few days.

For Advero, «the incorporation of these three assets in Madrid is another key step in a year of significant progress in its development, where the company formalised the first tranche of a capital increase for 6.7 million euro at the end of June and obtained authorisation from its shareholders to complete said round up to a total amount of approximately  10 million euro».

Advero recently invested a total 15.6 million euro on 126 dwellings located mainly in the first-proximity belt of Barcelona (Rubi, Sabadell and Terrassa) and Madrid capital.

Regarding the future, the REIT has no doubts, its goal is «to work to continue expanding its geographical presence in the Spanish territory, with a strategic focus on quality affordable rent in middle-income areas, through a portfolio of properties with an average age of 5 years».

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