AEW buys 103 apartments in Mallorca from Banco Sabadell

AEW buys 103 apartments in Mallorca from Banco Sabadell

The manager AEW has bought a residential property in the Santa Catalina district of Palma de Mallorca from Banco Sabadell, on behalf of an independent account through a mandate backed by a German pension fund.

The building, Joan Miró 36, has six floors with 103 apartments spread over 10,000 sqm. Most of the offer is made up of apartments with one to three bedrooms, with 940 square meters of commercial space on the ground floor and 186 parking spaces.

The residential component of the asset would represent 96% of total income with a rental rate that currently stands at 91%. These are apartments built in 1978 that have been recently renovated; almost all, with outdoor space through terraces or balconies.

Lars-Henning Pylla, Executive Director of Fund Management at AEW, comments on the "lack of affordable and quality housing for the local Majorcan population, especially in areas close to the city center." At this point, he explains that "with current forecasts that the number of inhabitants of the city will increase by more than 15%, to 485,000 in 2030, we expect the existing supply/demand balance in the Palma real estate market to be maintained. from Majorca. In this context, the acquisition of residential projects with the potential for further modernization, such as Joan Miro 36, represent a cornerstone within the fund's strategic investment logic."

This operation has been managed by Solvia, part of the Intrum group, advised by Fabregat Perulles Sales Abogados (in the legal area), CBRE/Zittus (in the commercial area) and ATP Proyectos (in the technical and sustainability area).

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