Patrizia continues to invest in Barcelona’s rental market. On behalf of institutional clients, it has acquired two build-to-rent developments, currently under construction, from Metropolitan House. It will pay 52 million euros for two assets.
The two projects are located in the metropolitan area of Barcelona, in Esplugues de Llobregat and Badalona. The first development, located next to Les Corts university, will have 69 homes on a 7,305 m2 plot. The Badalona project involves 59 homes, on Avinguda d’Eduard Maristany. The 7,170 m2 site will also include a retail area of 650 m2. In total, 128 units will become part of Patrizia’s portfolio.
KPMG advised the German manager, and Santiago Mínguez, together with Graells March, advised the seller.