In Iberia, the alternative segment received 120 million euro in investments, the lowest number of the year.
During this period 6 deals were registered within different sub-segments: housing, senior accommodation and assets which still need to be refurbished in order to generate income soon.
The largest operation was the sale of the Iveco-Pegaso Factory in Madrid by GreenOak to Goodman for 37 million euro. This is one of the assets to be refurbished so that it will offer three office buildings and logistic units. Another operation was a villa in Cordoba purchased by Millenium Hotels, which plans to refurbish and transform it into a luxury hotel. The third-largest operation was the purchase of senior residence Emera Vital Parque, in Albacete, by REIT Healthcare Activos for around 21 million euro. The fourth was the acquisition of the Expo Living building in Lisbon, by Square Asset Management for 21 million euro, which combines housing and senior accommodation and is currently managed by Montepio.
Interest on Build-to-Rent continues
The acquisition of build-to-rent projects under development continued during the Summer, but those transactions were not taken into account towards the segment’s final numbers.
One of the highlights during this quarter was the purchase of the Residential Project at Sant Joan Despí in Barcelona by German giant Patrizia for 74 million euro. This project will place 208 dwellings and commercial spaces on the market and should be concluded in 2022. One other project of this type was concluded in August when Aberdeen Standard Investments decided to invest 90 million euro on 160 rental dwellings which are part of new project Mahou-Calderón.
Several transactions of this type stood out throughout 2020. One of them took place in March with the purchase of complex Multifamily Valdebebas 125 by Hines for 110 million euro, which promises to increase the offer in the city in 2022 with 395 apartments for rent. In June the market registered the purchase of a 919-unit affordable housing rental portfolio in Madrid for 150 million euro by AXA IM.
These 4 built-to-rent, key-in-hand projects alone, represented a 424 million euro investment, around 89% of the total investment estimated for the segment until September which was 475 million euro.
All the information is available at the Alternative Report from Iberian Property which can be downloaded HERE.
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Disclaimer: This information is based on public data gathered within the platform Iberian Property Data. All estimates were calculated based on registered public information and data from the main consultants within the market. It should be noted that the results presented here may be updated if new information is issued.