CBRE Investment Management has acquired a new affordable residential asset in Spain’s capital on behalf of a fund.

The manager has invested an undisclosed amount to buy the 12,174sqm asset located in San Sebastián de los Reyes in Madrid.

The fully-leased asset, completed in 2009, comprises two adjacent buildings with 82 homes, 123 parking spaces and 82 storage units.

CBRE IM said the acquisition was made in partnership with Elix and is in line with the recently signed agreement between the two firms to develop a portfolio of approximately 1,200 affordable and sustainable homes.

Antonio Roncero, the head of transactions for Iberia at CBRE Investment Management, said: “Around a quarter of households in Spain currently live in rented housing, and that number is expected to increase gradually and reach wider European levels in less than fifteen years. Demand has also typically outstripped supply for a long time, with transaction volumes and capital values increasing steadily since the global financial crisis of 2008.

”There is specifically high demand for affordable and sustainable homes. This asset presented us with a rare opportunity to acquire an affordable asset, that we can upgrade to modern sustainability standards -– allowing us to capitalise on what we believe to be strong market factors.”

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