Optimum III sells residential assets in Madrid and Barcelona for €14M

Optimum III sells residential assets in Madrid and Barcelona for €14M

The Socimi Optimum III Value-Added Residential sold a residential building, 29 homes and various parking spaces for around 14 million euros in 2021, as recently reported by the fund to BME Growth.

Specifically, at the end of September, Optimum III closed the sale of all the entities that make up the building located at numbers 5 and 7 of Juan de Garay street in Barcelona for 2.7 million euros.

During the past year, the company also sold 12 homes at Calle Calaf 46 in Barcelona for a total of 7.7 million euros.

At 89 Concepción Arenal Street in Terrassa (Barcelona), Optimum III sold 13 homes and several parking spaces for 1.7 million euros. In addition, in l'Hospitalet de Llobregat (Barcelona), he sold two houses at numbers 13 and 15 of the Plaza de Europa for just over half a million.

Finally, in Pozuelo de Alarcón (Madrid), the Socimi sold two homes and four parking spaces on Carrera 5 avenue for 1.3 million euros.

The vehicle, which is listed on BME Growth, has the American investment fund Bluemountain as its main investor, with 83.28% of the capital. The Basque entity Itzarri EPSV has a 9.25% stake, while the remaining 7.5% of the capital is distributed among various investors or family offices.

BMB Investment Management has launched a total of eight residential investment funds: five for Berlin and three in Spain, focused on the Madrid and Barcelona markets. The manager's strategy is to invest in real estate in central areas of cities, where it locates old buildings that need renovation or that represent an opportunity for various reasons. Once it has added value to the asset, it returns it to the market, either with individual or block sales.

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