Aberdeen Standard buys two 'build to rent' projects for €55M

Aberdeen Standard buys two 'build to rent' projects for €55M

Aberdeen Standard Investments has bought two residential build-to-rent projects from Dazeo in the center of Madrid, in an operation in which CBRE has acted as exclusive advisor.

With this acquisition, Aberdeen Standard strengthens its investment in Spanish real estate, in which it adds logistics warehouses, residential assets and build to rent projects. The fund was created in 2017 in the United Kingdom, as a result of the merger of Standard Life and Aberdeen Asset Management.

The two new residential projects are acquired off-market and in accordance with a turnkey scheme. The assets purchased from Dazeo, a joint venture between Dazia Capital and Eurazeo, are located in the southwest of the Arganzuela district, one of the most sought-after areas of Madrid after its recent urban development.

Both buildings total approximately 10,000 sqm and house 150 apartments. One is located in the Embajadores area and the other, next to the Delicias metro station.

With this operation, the promoter Dazia Capital deepens its specialization in the build to rent. “We are delighted to be able to work with Aberdeen Standard Investments and take over the execution of the projects,” says Dazia Capital CEO Daniel Mazin. The projects, he affirms, have a rental orientation that influences aspects such as the layout of the building, materials or facilities.

For Samuel Population, national director of Residential & Land at CBRE Spain, this operation shows the leadership of his firm in the area known as multifamily. CBRE “has participated in the most relevant operations in the sector and contributed to increasing investment levels in this asset class that currently arouses so much interest among investors,” he points out.

In the first semester, investments in build to rent in Spain amounted to 651 million euros, 18% more than in the same period of 2020.

The Director of Management Assets and Transactions of Aberdeen Standard Investments, Spain and Portugal, Pilar Valencia, explains that this third acquisition of residential real estate in Madrid in the last year allows the firm to diversify its portfolio and provide adequate profitability.

CBRE has acted as lead advisor, while Dazeo has been assisted by Perez Llorca. On the part of ASI, the due diligence has been carried out by Magnum properties in the commercial area, Garrigues in the legal and tax area and JLL in the technical area.

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