Patrizia buys a residential building in Madrid for €39M

Patrizia buys a residential building in Madrid for €39M

Patrizia AG has acquired a turnkey residential rental building in Alcobendas, Madrid, for 39 million euros. Once construction is completed in 2023, the building will have 112 apartments on a buildable area of more than 8.300 sqm of one and two bedroom units spread over four floors above ground, as well as two additional floors for parking below ground level. It will also include a commercial area on the first floor and a wide range of amenities for leisure and sports activities, including swimming pools (for children and adults), a gymnasium and a paddle tennis court.

Twin Peaks Capital, a Spanish family office, will be responsible for the development of the building until its delivery, scheduled for 2023. Thus, this project will strengthen the residential rental offer in the municipality of Alcobendas, located less than 15 kilometers from Madrid Capital.

The project, called "La Menina", will give a new shape to the entrance of Alcobendas, as it is designed «to generate life and beauty to the surroundings». Located on Avenida de la Ermita, at the entrance to the municipality, it will give rise to a very wide pedestrian tree-lined avenue, 15 meters wide.

«With this investment, we are not only redoubling our commitment to creating vibrant, sustainable communities in attractive urban areas in Iberia, but once again demonstrating our belief that the local residential market, and especially the Build to Rent segment, will remain strong», said Eduardo de Roda, country manager for Patrizia in Iberia.

With this acquisition, the company strengthens its residential portfolio in Spain, where it has assets under management totaling 53.000 sqm valued at 200 million euros. In total, the firm has assets under management worth around 1.400 million euros in Iberia.

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