Leading partner for global real assets – PATRIZIA AG – has forward purchased a Build to Rent turnkey development in Badalona and Esplugues de Llobregat – in the greater Barcelona area, for €52m, on behalf of its institutional clients.
Construction of the development is due to complete by end of 2023. The scheme will deliver 128 Build to Rent homes. Once complete, the Esplugues building will span 7,305 sqm and the Badalona building will span 7,170 sqm.
With these new residential assets, PATRIZIA will strengthen its footprint in the Spanish Build to Rent segment. This latest acquisition follows the purchase of a Build to Rent turnkey development in Alcobendas, Madrid – as part of PATRIZIA’s continued expansion of its residential portfolio in Spain, with assets spanning more than 60,000 sqm and now valued at over €250m in total, it has assets under management (AUM) of around €1.45bn in Iberia.
“We are convinced that residential, especially multifamily housing, will continue to deliver cash-flow stability and diversification benefits if underwritten properly, helping our clients to generate their required returns to meet pay-out obligations. And with this latest investment, not only are we following our conviction, but we are helping to build vibrant communities where residents will have enhanced quality of life thanks to easy access to the centre of Barcelona and to nearby beauty spots such as beaches and green spaces.”Eduardo de Roda, PATRIZIA’s Country Manager for Iberia
The Esplugues de Llobregat building will be located in the Finestrelles neighbourhood, adjacent to the city of Barcelona and a few minutes’ walk from its University Area and the Les Corts district. The building will deliver 69 Build to Rent units and amenities include a swimming pool and its own green spaces. The building is in a quiet, residential area with access on foot to the city of Barcelona and its Diagonal Avenue – as well as to green spaces such as the Cervantes Park, the Gardens of the Pedralbes Palace or Can Vidalet Park.
The Badalona building will be located on Avenida d’Eduard Maristany, which borders onto the city’s beach and its marina and is a few minutes’ walk from Barcelona – specifically from the Diagonal Mar area and the seafront of the Poblenou neighbourhood. It will combine its proximity to the sea, to Barcelona, and to the start of its Diagonal Avenue with a wide range of public equipment and recreational areas – such as the Parc de la Ribera on the banks of the Besós river, and the popular Pont del Petroli. The building will deliver 59 Build to Rent units and amenities include a swimming pool and green spaces, as well as a commercial area of 650 sqm on the ground floor.