The building is located at the Ensanche de Vallecas, district to the southeast of the city centre, and it was built recently, it has 15.200 sqm, 80 apartments with two to four bedrooms, common areas such as a multi-purpose room, a children’s play area, a swimming pool and green spaces, it can be read in the release issued this Thursday.
Benjamin Rüther, Executive Director at CRIM, said: «With this acquisition, we are further expanding our portfolio of affordable rental apartments, one of the investment segments our strategy will focus on in the coming years across Europe. Given the current supply constraints, providing housing that is affordable for a wide range of people is absolutely vital. Rental levels per square metre in this new building are over 35% cheaper than the average in Madrid, which makes this complex affordable for a wide range of residents».
This operation was carried out by Catella’s investment vehicles Catella Residential Investment Management and Catella Real Estate AG which were recently responsible for the purchase of an asset in Berlin for 50 million euro. «These two transactions increase the total investment volume of their Catella Wohnen Europa (CWE) Fund to over 975 million euro», revealed the same document.