Catella Investment Management has closed its first four acquisitions in Spain for €84 mln.
The transactions were carried out on behalf of Belgian developer and investor Mitiska and the residential fund Catella Wohnen Europa. The deals flow from Catella's decision to establish a property investment management platform in Spain and Portugal in June last year.
Catella’s investment management team in Spain assisted Mitiska in the acquisition of the 2,400 m2 retail park Portal Mediterráneo (pictured), located in Castellón. Catella sourced the deal, acted as advisor in the acquisition process and will remain as strategic asset manager for the property.
The Spanish team also acquired three residential properties, located in Madrid and Barcelona, on behalf of one of Catella’s residential funds, Catella Wohnen Europa, which is a new residential pan-European fund with a broad-based investment strategy offering a unique risk/return profile.
Poblenou neigbhourhood
The residential building in Barcelona is located at Rambla de Poblenou, within the Poblenou residential neighbourhood, and has a built area of 9,656 m2, consisting of 59 apartments, 66 parking spaces and seven commercial units, with an occupancy rate of 97%.
One of the residential assets in Madrid is located at Genova street in central Madrid, with a built area of 4,456 m2 consisting of 24 apartments, 24 store rooms, 29 parking spaces and a commercial unit with an occupancy rate of 95%. The second property in Madrid is a building located in Barajas district, five minutes away from Adolfo Suárez Madrid-Barajas Airport and 20 minutes from the city centre. The property has a built area of 7,306 m2, consisting of 82 apartments and 82 parking spaces, with an occupancy rate of 95%.
'We are very pleased with the successful development of our newly established investment management platform in Spain, under the leadership of Javier Hortelano de la Lastra. Spain is a strategically important market for Catella and our team in Spain has extensive experience of the Spanish and European real estate investment business and in-depth knowledge of the local Spanish market,' said Timo Nurminen, head of property investment management at Catella.
