Pan-European investment manager Primevest Capital Partners (Primevest CP) has completed its third transaction in Spain. The company has acquired an 8,755 square metre residential development in the city centre of Albacete, some 200 kilometres southeast of Madrid, for around €21 million on behalf of a German pension fund.
The six-storey property, with 127 affordable rental homes, was purchased from developer Grupo Albaluz through its parent companies Tracia Ventures, represented by Dimas de Andrés, and Moreno Brothers Capital, represented by Sebastián Moreno.
The 127 flats, ranging in size from 52 square metres to 128 square metres, are distributed over five floors and have an underground car park with one parking space per flat. Each flat will have its own terrace or balcony and an individual storage room in the basement, while the ground floor will have four storage rooms for up to 100 bicycles. Residents will also have access to an outdoor swimming pool and a gym located on the ground floor.
Primevest CP highlights that the flats will be equipped with LED lighting, underfloor heating, air conditioning and exterior solar shading windows. The property, which is scheduled for delivery in summer 2025, is being built, the company says, in accordance with EU requirements and will have an A energy label.
The project is located on the corner of Calle Alcalde Conangla 3 and Calle Serreriá, the centre of Albacete, and within walking distance of the old town. It is also close to all kinds of services, such as an Albacenter shopping centre, schools, restaurants, hotels and public transport.