The Aberdeen fund continues to increase its investment in residential real estate with the acquisition of a residential property in Mallorca.
The asset, acquired on behalf of the Aberdeen Standard Pan-European Residential Real Estate Fund investors, is a turnkey Built to Rent (BTR) residential building in Nou Llevant.
The promotion will have a total of 121 homes, two commercial premises, a swimming pool, a playground, a gym and a coworking area for tenants. 125 parking spaces will also be part of the project. The building will have the Breeam sustainability certificate.
The residential is located in the East of Palma, 15 minutes on foot from the city center and with pedestrian access (10 minutes on foot) to the areas of Puerto del Portixol and Can Pere Antoni beach, as well as very well connected with the Airport, just 6 minutes by car.
Pilar Valencia, Head of Asset Management and Transactions, Spain and Portugal, Aprdn, has commented: “This is the first residential acquisition we made outside of Madrid, which will especially benefit the allocation / diversification of the portfolio. We see a lot of potential in Mallorca as this operation presents an excellent diversification opportunity in a market with a high shortage of long-term rental homes and a growing demand. It provides the opportunity to obtain higher returns than in larger cities such as Madrid or Barcelona, but within a very mature and consolidated market. The building will be constructed to modern specifications, meeting our strict ESG standards, and has the ability to offer our investors long-term rentals as well as capital growth. ”
Almar has participated as technical advisor, Garrigues as tax and legal advisers and Magnum as business advisers.