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Acquisition of a residential building in Madrid, Spain

Catella Asset Management has acted as investment and asset manager on behalf of Catella Residential Investment Management (CRIM) in the acquisition of a residential building located in calle Genova, Madrid, Spain. The asset has a built area of 4, 456 sq.m, consisting of 24 apartments, 24 storage rooms, 29 parking spaces, and 1 commercial unit with an occupancy rate of 85%. Catella Asset Management Iberia sourced the deal, assisted CRIM in the acquisition process and will remain as strategic asset manager for the property.

Characteristics and strategy

Characteristics

Medium term term stay
24 apartments, furnished
29 parking spaces
24 storage rooms
1 commercial unit

Strategy

Profile Core, long term holding period
Acquisition through SPV, financed with reduced leverage
Increasing occupancy rate