Catella AM Iberia continues to invest in Spanish residential property. The Swedish fund manager has bought a Built To Rent development of 148 subsidised housing units for €22 million in Madrid, through one of its funds, from the developer Activitas. The asset, located in Ensanche de Vallecas, completes the asset manager's portfolio in Spain, with more than 2,300 homes in different cities.
The residential development, located at Avenida de la Gran Vía del Sureste 10-12, has a total built area of 10,080 square metres, with 148 one- and two-bedroom homes, 152 parking spaces and 148 storage rooms, as well as commercial premises and a rooftop swimming pool. The homes have an A energy rating and BREEAM certification.
The area has all the necessary services and the building has good connections to other parts of Madrid via Metro Line 1 (Valdecarros Station, Line 1), and by bus and car via the A-3, M-50 and M-45.
For Eduardo Guardiola, CEO of Catella AM Iberia, this development in Vallecas is the third BTR project they have completed for their investor-clients. Despite the difficult context in which they are operating, they will continue to focus on the residential rental market in Spain, as they believe there is a great opportunity and they have the necessary capabilities to originate, develop and manage "successful projects for their clients".