Hamburg-based investment company Aquila Capital has acquired a 23,000 m2 site in Madrid for its third residential real estate development project in Spain.
The project involves the construction of 75 villas and semi-detached houses with an average living area of 300 m2 and 225 underground parking spaces.
'In recent years, we have been successfully building a well-diversified Spanish real estate portfolio. The acquisition of La Moraleja ensures the expansion of our existing investments with a project from the luxury residential segment of the market,' commented Rolf Zarnekow, head of real estate at Aquila Capital.
Aquila Capital said it expected a strong level of demand for the properties In the last 12 months, selling prices in La Moraleja have increased by around 10%, reflecting buoyant market conditions. Of the two residential real estate projects currently under development in the area, 70% have been purchased in advance of completion despite being built to a lower specification than those planned by Aquila Capital.
'The acquisition of our third residential real estate development project in Spain underlines the success we are seeing from the proven combination of our experienced investment team in Madrid and our extensive network of established project partners. The specialists have a combined investment experience of more than 100 years and have already realised projects worth over $5 bn,' concluded Roman Rosslenbroich, CEO and co-founder of Aquila Capital.
