The German fund Patrizia has acquired a build-to-rent project in Madrid from the Spanish family office Twin Peaks Capital, which will be responsible for its construction on a buildable area of more than 8,300 square metres. The management company will pay around €40 million for the development.
Specifically, the apartment building will go up in Alcobendas (Madrid), with 112 one- and two-bedroom homes spread over four storeys. In addition, the building will have two floors for parking. The development is expected to be completed in 2023.
The communal areas of the project, christened “La Menina”, will include landscaped gardens, two swimming pools, a paddle tennis court, a gymnasium, a multi-purpose communal area and over 1,000 m2 of shops on the ground floor.
With this acquisition, Patrizia strengthens its residential portfolio in Spain, where it has assets under management totalling 53,000 square metres and valued at €200 million. In total, the firm has assets under management worth around €1.4 billion on the peninsula.