Spanish property company Metrovacesa has agreed with real estate firm Lazora on the sale of a portfolio of state-subsidized housing for EUR 65mln. The property giant has sold 153 dwellings in Alcorcón, another 152 in Valdebernardo, and 134 residential units in Pavones, near Madrid. The assets provide a total 38,430 m[sup]2[/sup] of residential accomodation, plus 10,200 m[sup]2[/sup] of parking space and 1,278 m[sup]2[/sup] of commercial areas. Metrovacesa said the sale is in line with its strategy to focus on its rental portfolio. The company announced in April that it planned to double its rental portfolio in the next two years, to represent up to 90% of its business by 2010.
Spanish property company Metrovacesa has agreed with real estate firm Lazora on the sale of a portfolio of state-subsidized housing for EUR 65mln. The property giant has sold 153 dwellings in Alcorcón, another 152 in Valdebernardo, and 134 residential units in Pavones, near Madrid. The assets provide a total 38,430 m2 of residential accomodation, plus 10,200 m2 of parking space and 1,278 m2 of commercial areas. Metrovacesa said the sale is in line with its strategy to focus on its rental portfolio. The company announced in April that it planned to double its rental portfolio in the next two years, to represent up to 90% of its business by 2010.
