The portfolio includes office, retail, logistic, hotel and housing assets, 75% of which are classified as core-plus.
Eduardo de Roda, Country Manager at Patrizia for the Iberian Peninsula, commented that «these numbers confirm the solid position we have in Spain while growing our platform. They show the deep knowledge Patrizia has of the market. We could not be better positioned to capitalise the vibrant pipeline we are currently analysing for our investors».
Amongst the latest acquisitions in Spain, are two logistic assets in Madrid which represent more than 96.000 sqm. The first asset, located in the municipality of Ontígola, is fully leased, whereas the second one is a Grade A speculative development located in the Los Gavilanes industrial park. In Barcelona, the company added a fourth office renewal in district 22@ to its portfolio, which together with the other three it is developing, will represent a total 25.800 sqm of modern offices focused on providing the best the market has to offer between 2021 and 2022.
As announced in July 2019, Patrizia purchased a 6.200 sqm building in Lisbon: the Tagus Square, located at Praça Duque da Terceira, in Cais do Sodré, from a private investor, and it will transform it into a 5 star hotel. This was the company’s latest acquisition in Portugal.
In November, Patrizia announced it will invest between 300 and 500 million euro in both countries, maintaining this investment pace until 2022.