On behalf of a German pension fund, Primevest Capital Partners has bought a residential complex in Valencia for 18 million euros from BTR Urban Atarazanas, from the Bertolín Group.
The project, located next to the old Atarazanas of the city, has 6,500 sqm and will include two buildings with a total of 90 homes and an underground parking lot with 58 parking spaces. The complex will have several chill out areas, a swimming pool and a children's playground on the roof, as well as storage rooms and a bicycle shelter in the basement. It will also have a gym and coworking; a photovoltaic installation to generate electricity and a centralized aerothermal system for domestic heat.
The property, with energy certification A and the Breeam Very Good sustainability seal, will be built turnkey to be used for rent (build to rent). Works are scheduled to begin in the third quarter of this year and be completed by the end of 2024.
"We are very happy to have advised on this complex process in which we have intervened in the structuring of the operation from the purchase of the land by Grupo Bertolín to Grupo Ática. This project will be a reference in the city and a catalyst for improvement of the entire neighbourhood," says Rafael Paz, director of the Valencia office in Colliers. Along with the consultant, the operation has also been advised by Drees & Sommer, as technical advisors, and CMS Albiñana & Suárez de Lezo, as legal advisor.
In the opinion of the consultant, "the BTR market in Valencia is taking off strongly due to the strong demand not only from the capital but also from future tenants who expect a high-quality, sustainable and well-connected offer." Hence, he warns that "in the coming months important operations will be closed that corroborate the interest in Valencia of institutional investors."
Bet on Spain
From Primevest, Olaf Steinbusch, senior manager of acquisitions, assures that "this project in Valencia offers a very stable investment due to the combination of high quality modern apartments located in a fantastic location and a good ESG rating. It is mainly composed of apartments of one bedroom to meet the demand for affordable, sustainable and modern rental housing with all kinds of amenities and common areas. We look forward to further expanding our portfolio with sustainable and affordable housing in the residential market in Spain."
Earlier this year, the pan-European investment manager acquired a residential project in Seville for €21 million, marking its entry into the Spanish market, which it has identified as a place to "expand" its residential portfolio, in selected cities, such as Alicante, Palma de Mallorca, Bilbao, Cádiz, A Coruña, Granada, Madrid, Málaga, Murcia, Salamanca, Santander, Valencia, Vigo and Zaragoza.
Primevest began investing in residential real estate in 2007 and currently has a portfolio valued at around €1 billion across Europe, with a focus on Austria, Denmark, Germany, Spain and the Netherlands. Its objective is investments valued between 15 and 60 million euros, mainly for segregated residential investment accounts for private clients, especially pension funds.