Real estate investment manager Savills Investment Management has added over 260 Build to Rent and Build to Sell (BTS) units in a prime area of Madrid to its portfolio of assets under management. The assets were recently acquired by an institutional investor, mandating Savills IM to manage the portfolio.
The three commercial properties in the portfolio will be converted into residential units. Having already received planning permission for the change of use, the development will feature rental homes in a prime and consolidated residential area of Madrid.
“The imbalance between supply and demand for quality housing in Madrid presents attractive opportunities through the repositioning and repurposing of assets. By managing a portfolio with these characteristics and adapting the properties to meet the new demands of residents, investors and regulators, we aim to generate attractive long-term returns for their owners.”Fernando Ramírez de Haro, Managing Director (MD), Savills Investment Management for Spain and Portugal
In line with Savills IM’s ESG and environmental efforts, the units are expected to boast BREEAM Very Good and WELL Silver certifications, alongside a Grade A Energy Performance Certificate. Amenities will include swimming pools, a gym and entertainment areas.
Madrid is a city with favourable long-term economic and demographic prospects. With the addition of these homes to its portfolio of assets under management in Spain, Savills IM strengthens its position in a sector with supply-demand imbalances and solid fundamentals.