German asset manager DWS has acquired two residential developments in Spain for almost €100 mln in two off market transactions.
Executed on behalf of its German retail and institutional real estate funds, the deals mark the first transactions for DWS in the residential sector in Spain, alongside its local partner for the build-to-rent (BTR) residential sector, Urban Input.
The developments are located in Ensanche de Vallecas (Madrid) and in the metropolitan area of Barcelona. Comprising 320 units in total, practical completions are expected in the first half of 2023. The schemes include high quality facilities such as swimming pools, paddle tennis court, gym, co-working areas and playgrounds.
Matthias Naumann, CIO of European real estate at DWS said: 'Both areas represent attractive and emerging micro-locations given their ongoing urban development. As the first residential acquisitions in Spain, they provide regional diversification in line with our funds’ strategy.'
Ronen Ribak, head of real estate transactions, Europe at DWS added: 'Demand for affordable rental housing in Spain remains positive despite the difficult market conditions given the Covid-19 pandemic.
'We will continue to expand our European footprint in this sector seeking significant, residential investment opportunities in strong and stable locations both in countries where we have an existing presence, as well as new ones in the near future.'
In support of DWS’s European strategy, these acquisitions follow recent residential investments in Germany, the Netherlands, Finland, Ireland and now Spain.
