Invesco Real Estate has acquired a residential asset in Valdemoro from global private markets investor Partners Group and independent Spanish asset manager Medan. 

The Valdemoro asset

The Valdemoro Asset

Financial details were not disclosed.

The transaction represents the first divestment for Nuva, the joint venture created by Partners Group and Medan in 2021 to invest in the Spanish residential rental sector.

Nuva will continue to scale its platform in the Spanish residential market and is actively looking at new acquisitions, focusing on build to rent developments as well as standing assets with a value-add angle, located in Madrid region and other key Spanish markets.

Nuva Valdemoro consists of 160 apartments including studios, one and two-bedroom flats and ten spacious penthouses. The asset, which has a GLA of 10,200 m2 over eight stories, was acquired as a built to rent development which completed in 2023 and has been fully let since opening.

Facilities include co-working, fitness, padel court, swimming pool) and common areas. The building obtained BREEAM in Construction “Good” and 2-star FITWEL sustainability certifications.

With the change of ownership, the building will continue to be managed by Nuva Living, Medan’s residential operating branch, which currently manages more than 2,000 residential units across its own and third-party properties.

Philippe Dewevre, head of real estate asset management Europe at Partners Group said: 'The sale to Invesco Real Estate reflects the
ability of Partners Group and Medan to create residential buildings that incorporate new living trends, offering flexibility and amenities to residents.

'We are proud to successfully exit this asset upon stabilisation to institutional capital. As a thematic investor in the residential sector, we will continue looking for more opportunities to grow our platform and capitalise on thematic trends.'

Jaime Morán, managing partner at Medan, added: 'The sale of the Valdemoro asset proves the strong confidence that the institutional market has in high-quality assets within the Spanish market.

'This transaction confirms that our fully digital and tenant-focused management model is an exceptionally attractive solution for institutional investors, who seek professional platforms with proven management capabilities.'