Primevest Capital Partners has acquired an 8,755m² residential development in the city centre of Albacete, about 200 km southeast of Madrid, for approx. €21m on behalf of a German pension fund. The six-storey property, comprising 127 rental apartments, was purchased from developer Grupo Albaluz, part of Tracia Ventures y Moreno Brothers Capital.
Olaf Steinbusch, Senior Acquisition Manager at Primevest Capital Partners, said: “Our third residential acquisition in Spain is completely in line with our investor’s investment strategy for the country. The development represents a solid investment opportunity on an A location in the capital of the Spanish province of Albacete, thanks to its proximity to the old city centre and other amenities as well as its high technical and sustainability standards.”
The scheme is located on the corner of Calle Alcalde Conangla 3 and Calle Serreriá in the city centre of Albacete, and the historic old town is within walking distance. The ‘Albacenter’ shopping centre is only 300 metres away, alongside shops, bars and restaurants while a primary and secondary school and one of the city’s three universities are also close by. The property has good public transport connections: a bus stop is located directly at the building’s doorstep and the main railway station can be reached within a 10-minute walk. Nearby port cities include Valencia in the east, and Alicante and Cartagena to the southeast. The city’s connection to the Spanish AVE high-speed train means Madrid is accessible within 1.5 hours and Valencia within 50 minutes. Albacete’s three universities have a total of around 10,000 students.
The 127 residential units range in size between 52m² and 128m², and are planned over five floors, while an underground car park will offer one parking space for each apartment. Each flat will have its own terrace or balcony and an individual storage room in the basement while four bicycle storage rooms for up to 100 bicycles will be installed on the ground floor. Residents will also have access to an outdoor pool and a gym situated on the ground floor. The apartments will be equipped with LED lighting, floor heating, air-conditioning and well-dimensioned windows with external sun protection. The property, scheduled for delivery in the summer of 2025, is being built in line with EU requirements and will have an A energy label, the highest possible rating.
Sebastian Moreno, CEO at Grupo Albaluz, added: “Grupo Albaluz aims to allow every citizen in Albacete to enjoy affordable and high-quality housing. This new development will help meet this goal by stimulating Albacete’s rental market and is a great step forward for the city of Albacete and its residents."