Catella has closed the acquisition of two residential properties located in Pinto’s Tenería neighbourhood of Madrid.
The transactions were conducted on behalf of the Catella Wohnen Europa residential fund, a new pan-European residential fund.
The acquired twin buildings have a total floor area of 18,092 square metres, distributed over 216 apartments, 216 parking spaces and 216 storage rooms. The occupancy rate of the buildings at present is 93 per cent.
Catella sourced the deal, acted as adviser in the acquisition process and will remain as strategic asset manager for the property.
“After this transaction our newly established investment management operation in Spain has a portfolio of EUR100 million under management in its first year of activity. Two months ago, Catella closed four transactions, with the acquisitions of three residential buildings located in Madrid and Barcelona, and the acquisition of a retail park in Vinaroz. The transactions prove the interest and commitment of Catella for the Spanish market”.