The Israeli investment fund, City Partners Vision, has signed the sale of number 1 Calle de San Roque, Madrid. A residential building built in the 19th century that now forms part of the portfolio of assets managed by the investment group Incus Capital, under the Built To Rent formula.
Knight Frank has been in charge of advising City Partners Vision in the sale of the residential building located in the central Calle de San Roque 1, of 2,500 square metres. Comprising 11 residential units, distributed over five floors and three commercial premises, it was acquired by the Israeli fund in February 2021 with the aim of carrying out a comprehensive refurbishment, in response to the fund's investment strategy for Build To Rent or Buy To Rent development.
Following the refurbishment, the asset has been converted into a luxury rental apartment building. This is now Incus Capital's eighth acquisition as part of its investment strategy focused on residential buildings in major city centres for repositioning and short and medium term operation.
"The residential market will be one of the strongest markets in 2023 thanks to the great liquidity that exists and the supply deficit, which will maintain a sustained demand," explains Carlos Zamora, partner at Knight Frank and head of the residential area.
In the words of Ismael Alonso, director of Knight Frank's residential investment area, "residential investment in the centre of the capital is a safe bet, fundamentally in value add operations for developments with the Built To Rent formula, a market that still has a long way to go. We are very proud to have closed this transaction, especially given the timing of the deal".