Photo Released By Patrizia
This new building, which is still at the project stage, will have a total 26.000 sqm and will be constructed by the seller. The new 208 dwellings and retail spaces will be destined for the rental market in the Sant Joan Despí municipality and will open during the second quarter of 2022.
For Patrizia, «this acquisition further enhances our already strong position in the Spanish market and is testament to our extensive local knowledge and the ability of our team to source projects that deliver strong returns for our institutional investors», stated Eduardo de Roda, Country Manager for the German managing company in Spain.
Rafael Angulo, president of Metropolitan House, remarked in a release that «this operation constitutes a landmark in the history of our company, because we gained access to the rental market, offering a solution to the growing demand within the Barcelona metropolitan area, besides starting a continuous collaboration with institutional investors. With this alliance, we expand our management capability and consolidate our position as leaders in Barcelona and as a national reference in terms of housing real estate».
Patrizia had the legal advice of KPMG and Metropolitan House was supported by Garrigues in this operation. Santiago Minguez intervened as the operation’s financial advisor.
Patrizia reaches €1.300M Iberian portfolio
This project joined the 34.742 sqm Patrizia already owned in the Iberian housing market. This segment represents 15% of its portfolio in Portugal and Spain, which in total reaches 1.300 million euro.
From the very beginning of its company history, Patrizia has been active in the residential space. The company currently has funds and mandates of over 11.5 billion euro in the residential sector and has transacted 12 billion euro in the segment over the last six years alone. Including all segments, Patrizia executed 9 billion euro in transactions in 2019