The announcement was made this Thursday, during the reopening of Diagonal Mar shopping centre, in Barcelona, after a 29 million euro full refurbishment.
In tandem with this retail reinforcement, the German management company plans to diversify its portfolio, which will result in entering the Spanish residential market. A strategic option justified by the fact that the prices for prime offices are now very high in that country.
DWS thus announced at the same time that it has 500 million euro to invest in the development of more than 1.000 houses in Spain, during the next three years. The goal is to place these assets on the rental market, focusing mainly on Madrid and Barcelona, although they also have investments planned for Bilbao, Zaragoza, Malaga and Seville.
About 60% of the investment will be self-funded, and the remaining 40% will be from bank financing. The company will operate in the Spanish residential market under three models: development managed by third parties, buying from other developers and direct development. Besides that, the management company will also invest in the students and senior residences’ market