KGAL Investment Management has purchase a newly-built BREEAM-certified property in Malaga in southern Spain comprising 142 residential units. The seller of the property was Madrid-based Spanish developer Neinor Homes. The purchase price was not disclosed.
"Sustainable real estate investments should achieve better long-term rental and value growth against the backdrop of high energy costs and tightening EU regulation," commented Andre Zucker, Managing Director of KGAL Investment Management. "At the same time, our investment approach protects against costly retrofits and stranded assets due to ESG deficits".
The scheme was built in 2021 and offers offers one, two and three-bedroom flats (142 in total) and four commercial spaces on a total area of 13,500m², and is almost fully let. The property includes an underground car park with 215 parking spaces and six e-charging points. The building scores environmental points with, among other things, an energy-efficient building envelope, solar thermal panels for water heating, smart meters for energy and water, and very low CO2 emissions. In addition to affordable rents, social factors include good infrastructure and barrier-free features such as ground-level entrances, ramps and lifts. There is also a communal kitchen and coworking space. Almost all the building's service functions can be done through an app – a first for Spanish rental management.
