CBRE Investment Management (CBRE IM), on behalf of a fund it sponsors, has acquired a new affordable residential asset in Madrid, Spain.
Financial details were not disclosed.
The asset is located in San Sebastián de los Reyes and has a total gross lettable area of 12,174 m2. It is close to Madrid's city centre.
Completed in 2009, it comprises two adjacent buildings with 82 homes, 123 parking spaces and 82 storage units and is fully leased.
Antonio Roncero, 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.'
The acquisition was closed in partnership with Elix and is in line with the recently signed agreement between CBRE IM and Elix to develop a portfolio of approximately 1,200 affordable and sustainable homes aimed at middle-income households.
