Patrizia AG has bought a turnkey Build to Rent development in Badalona and Esplugues de Llobregat, in the Barcelona metropolitan area, for 52 million euros on behalf of its institutional clients. Once construction is completed by the end of 2023, it will provide 128 homes. The buildings will have an area of 7.305 sqm (Esplugues) and 7.170 sqm (Badalona).
With these new residential assets, the company will strengthen its presence in the Spanish Build to Rent segment. This latest acquisition comes shortly after the purchase of a turnkey development of this type in Alcobendas (Madrid).
This transaction is part of the company's strategic plan, which involves increasing its residential portfolio in Spain, with assets covering more than 60.000 sqm and now valued at more than 250 million euros. In total, it has assets under management of around 1.450 million in Iberia.
«We are convinced that residential housing, especially multifamily, will continue to provide cash flow stability and diversification benefits if properly underwritten, helping our clients generate the returns required to meet payments», said Eduardo de Rosa, Patrizia's country manager for Iberia.
The property in Esplugues de Llobregat will be located in the Finestrelles neighborhood, adjacent to the city of Barcelona and just a few minutes' walk from its university area and the district of Les Corts. It will be located in a quiet residential area with walking access not only to the city of Barcelona and its Diagonal, but also to green spaces such as Cervantes Park, the Pedralbes Palace Gardens or Can Vidalet Park. It will have 69 units and a swimming pool, as well as its own green spaces.
The Badalona complex will be located on Avenida d'Eduard Maristany, which borders the city's beach and marina and is also just a few minutes' walk from Barcelona, specifically from the Diagonal Mar area and the seafront promenade in the Poblenou neighborhood. The asset will have 59 units and, in addition to a swimming pool and green areas, will also offer a 650 sqm commercial area on the first floor.