The asset includes an office complex – which represented the largest investment share at 133 million euro – and a hotel, whose details and locations were not disclosed yet. Both structures are still under development.
This operation was DWS Real Estate Iberia’s first step towards «doubling its bet on the hotel segment, focusing on urban hotels, for both business and tourist clients in order to reduce risk», explained Daniel Gálvez, Head of Real Estate Iberia at DWS Group in an interview to newspaper El Economista.
But this won’t be the only segment under the German company’s sights. Build-to-rent is another model on which the company will bet, as well as the office segment. Faced with the Covid-19 pandemic, Daniel Gálvez assumed that the company will also have a particular focus on the housing and logistic segments because these «are the segments we predict may come out of the Covid-19 least affected in 2020». Nevertheless, the Head of Real Estate Iberia at DWS Group is confident that the sector will recover throughout 2021, but he admits that in the long-term, the investment strategies might change.
Besides Madrid and Barcelona – the main Spanish cities where DWS intends to keep investing in –, the company restated its interest in Portugal, assuring it will also keep investing in Lisbon. The company currently has «a lot of liquidity in its funds», having thus also, «a great capacity to buy». In general, its focus is «on the best core assets», in order to «minimise risk», stated Daniel Gálvez.
German DWS is currently controlled by Deutsche Bank and, in Portugal and Spain alone, it has a portfolio estimated at 2.000 million euro. This portfolio includes offices, logistic units and 9 shopping centres. «We have a relevant real estate portfolio, which we manage offering services to our funds, which are fundamentally German and British, and to our REIT (Trajano)», explained Daniel Gálvez.