Invesco Real Estate has acquired a prime, modern complex of 34 terraced houses in Marbella in southern Spain. The seller was DAZEO, the residential joint venture created by Dazia Capital and Eurazeo Patrimoine. The parties did not disclose the price.
The recently redeveloped Bahia residential complex of Les Roches, fully refurbished and upgraded in early 2023, is fully let on a long-term lease to the hospitality school Les Roches, which uses the asset to provide housing for its students. The 34 terraced houses each have between four and six rooms and can accommodate 176 students in total. In addition, around 1,700 sqm of the 5,000sqm site includes a restaurant and amenity spaces such as a gym and terraces.
Including this latest transaction, Invesco’s European residential portfolio has grown to a volume of around $2.8bn (€2.5bn) consisting of 42 properties with over 8,600 units in nine countries. Among other key investment criteria, assets must meet Invesco’s own sustainability targets of a 3% annual reduction in energy and emissions by 2030 as well as net zero carbon emissions by 2050.
Fernando San Juan, senior director of investments at Invesco Real Estate, said: “Marbella is a highly attractive market for residential investments. This well located, desirable, high-specification property is fully leased on a triple net and long-term basis to a very strong tenant, offering a high and stable yield for our investors.”
Michael Berchtold, director of fund management at Invesco Real Estate, said: “The Bahia residential complex of Les Roches investment offers an immediate secure and predictable income stream and closely fits the risk-return profile of our portfolio. It will allow us to take advantage of market repricing and lack of capital being able to pursue investment opportunities in the current market environment. The residential sector remains attractive to institutional investors and the acquisition in Marbella is one of many residential opportunities Invesco is currently executing.”
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