CBRE Investment Management (CBRE IM), through a fund managed by the firm, has acquired a residential rental property from Corebridge Financial located in Quart de Poblet, Valencia. The purchase forms part of the fund’s European residential strategy, which has also recently added a project in Copenhagen.
The complex comprises 147 one- to four-bedroom flats spread across two buildings, with a combined residential floor area of 16,966 sqm. Built in 2022 and fully let, it also includes retail units, parking spacesand storage rooms.
The development has a direct metro link to Valencia city centre, which is less than 20 minutes away, and access to the airport. The combination of different residential types caters to demand from families, young professionals and other occupational groups.
The property has a B energy rating. The management company will assess the installation of photovoltaic panels and remote metering systems to improve its energy efficiency.
CBRE IM attributes its interest in Valencia to population growth and rising demand for rental accommodation, which coincide with a limited supply of newly built housing. Antonio Roncero, the firm’s Head of Transactions Iberia, points out that this imbalance perpetuates the housing shortage in the city and sustains investor interest in this type of asset.
The company has been advised by CMS on legal matters, Elix on technical and commercial aspects, PwC on financial matters and Garrigues on tax matters. Hogan Lovells and Savills have acted as legal and sales advisers, respectively, for Corebridge Financial.
