Dazia Capital and BGO have acquired an asset in Madrid’s Carabanchel district, where they plan to develop a 162-home residential scheme comprising one-, two- and three-bedroom apartments.
The acquisition was completed through the joint venture established by the two companies to invest up to €500 million in the Spanish residential market. The identity of the seller and the transaction value have not been disclosed.
Dazia Capital will participate as co-investor and will oversee the management and development of the project, which will be marketed under its Darya Homes brand. The partners have completed the acquisition, but have not yet announced a construction timetable or the launch date for sales.
The project will transform an existing asset for residential use. Known as Via Lusitana 21, the development will provide 14,460 sqm of built area across nine floors. All homes will feature a terrace, parking space and storage room. Communal amenities will include more than 200 sqm of gardens, an outdoor swimming pool, padel court, gym, wellness area and a 170 sqm communal rooftop terrace.
The project has been designed by GCA Architects, with vegetation incorporated into both the landscaped areas and the façade. Dazia Capital is also exploring potential collaborations with universities and other creative stakeholders to introduce interventions related to landscaping, design and art.
The development will be located opposite the Parque de la Emperatriz María de Austria. In recent years, the surrounding area has seen an increase in artists’ studios, galleries, workshops and design spaces, alongside public-realm improvement works and the refurbishment of buildings.
“Carabanchel is at a particularly exciting point in its evolution, with an increasingly visible cultural and creative identity and a vibrant sense of community. Through Darya Homes, we want Vía Lusitana 21 to understand and accompany that evolution, delivering a residential proposition that reflects this new chapter. Our ambition is to raise the standard of housing in the district and, through architecture, landscaping and design, contribute to the regeneration of the surrounding area”, explained Daniel Mazin, CEO of Dazia Capital.
“The addition of this second project reflects our confidence in our partnership with Dazia Capital and in the opportunities that continue to exist in Madrid’s residential market. Vía Lusitana brings together the characteristics we look for in our investments: strong residential demand, an experienced local partner and the opportunity to make a positive contribution to the evolution of an urban area with significant potential”, said Javier López Galdos, Managing Director at BGO.
BNP Paribas Real Estate advised the seller throughout the competitive process, from the asset’s launch to the completion of the transaction.
