Catella Asset Management Spain expands its residential rental portfolio

Catella Asset Management Iberia has advised on the purchase of two buildings for the residential rental market for 25 million euros on behalf of the Fund "Catella European Residential" (CER), managed by Catella Residential Investment Management (CRIM). The development, which was signed in August 2018 as "build-to-rent", consists of two buildings located opposite to “Hospital Reina Sofia” in Valdemoro (Madrid) consisting of 191 apartments, 191 parking spaces and 191 storage rooms, in total 14,398 square meters built above ground.

The mix of apartments, whose commercialization has already begun, includes mostly two-bedroom (75%) although there are also one and three bedroom apartments. Communal facilities include outdoor pool, paddle court, children playground and outdoor sports court. The seller and developer has been Activitas.

According to Eduardo Guardiola, Director and Partner of Catella Asset Management Iberia “the acquisition of Valdemoro is another step in our strategy for the coming years which has in private rental sector one of its focus. We think that the demand for affordable rental housing will continue to increase in the coming years in large urban agglomerations of Spain and Portugal”.