Round Hill Capital acquires its first serviced apartment asset in Valdebebas (Madrid) worth 30 million euros.
The development, designed by Morph Estudio, will deliver 230 units. It is located in a mixed-use and residential area, well-serviced by public transportation with direct train and bus connections to and from Madrid Airport, the city centre and surrounding offices at Sanchinarro-Las Tablas, Campo de las Naciones and Alcobendas.
The project fits Round Hill Capital’s broader strategy of investing in energy-efficient and socially responsible serviced accommodation that responds to the growing demand and need for flexible housing options across Europe.
It also marks Round Hill Capital’s fourth acquisition of accommodation assets in Spain as the firm continues to build on its growing portfolio across Southern Europe. The company has acquired 950 serviced apartments to date within the region, with over 1.400 additional beds potentially in the pipeline.
Construction works are expected to start in 2022. Ashurst, EY and Gleeds have advised on the deal.
"The potential of the serviced apartment market is exciting and reflects our ongoing commitment to attract investment to the Iberian accommodation market in response to the demand for high-quality housing alternatives in Madrid", explains Michael Bickford, founder and CEO of Round Hill Capital.