DWS has acquired two residential developments across Spain for almost €100m on behalf of its German retail and institutional real estate funds, in two off-market transactions. The developments are located in Ensanche de Vallecas (Madrid) and in the metropolitan area of Barcelona. Practical completions are expected in the first half of 2023.
Upon completion, 320 residential units each with car park and storage room will be delivered, along with high-quality facilities including swimming pools, paddle tennis court, gym, co-working areas and playgrounds. Both locations benefit from existing public services, such as hospitals and schools, with significant additional public facilities planned. With excellent connectivity to their respective city centres, both residential developments will be located within close proximity to nearby public transport, including metro stations and the main road networks.
Matthias Naumann, CIO of European Real Estate at DWS said: “Both areas represent attractive and emerging micro-locations given their ongoing urban development. As the first residential acquisitions in Spain, they provide regional diversification in line with our funds’ strategy”.
Ronen Ribak, Head of Real Estate Transactions, Europe at DWS added: "Demand for affordable rental housing in Spain remains positive despite the difficult market conditions given the Covid-19 pandemic. We will continue to expand our European footprint in this sector seeking significant, residential investment opportunities in strong and stable locations both in countries where we have an existing presence, as well as new ones in the near future."