CBRE Investment Management has acquired two residential assets in Madrid, Spain, on behalf of a fund sponsored by the firm, for an undisclosed price.
In El Cañaveral, it has forward purchased a 8,932 sq m scheme offering 93 homes from Spanish residential developer Neinor. The scheme is due to complete in December this year.
And in Torrejón de Ardoz (pictured), CBRE IM has purchased a scheme offering 102 homes and 7,708 sq m of lettable space from Spanish developer Prygesa. The scheme completed in March this year.
Antonio Roncero, head of transactions Iberia at CBRE Investment Management, said: “These were fantastic opportunities to acquire high-quality assets, that will deliver affordable and sustainable homes in two excellent locations in a market with strong demand. Whilst demand for rental accommodation is increasing, the availability of stock is still limited, worsening housing affordability as a result.
“These acquisitions allow us to capitalise on those demands, making it an attractive opportunity to our investors whilst at the same time making a positive social impact.”
CBRE IM was advised by Elix and CMS.
