The Sarasin Sustainable Properties fund has acquired a residential building under construction in Ensanche de Vallecas, Madrid. Sarasin paid 22 million euros for the asset, which has 148 subsidised housing units.
The fund manager Catella Real Estate AG closed the deal on behalf of the fund.
Sarasin’s first residential investment in Spain is located at 25 Princesa de Kapurtala, in the well-known PAU in Madrid. It has 10,800 square metres of floor space divided into 148 one- and two-bedroom homes, 152 parking spaces, 148 storage rooms, and a shop. The residential complex has been awarded an A energy rating and Breeam certification.
Catella AM Iberia currently has an operational portfolio of more than 2,000 rental properties in Spain.