Global investment firm Patrizia has acquired a €74 mln residential turnkey project in Barcelona, Spain, in the Sant Joan Despí suburb of the city.
Constructed on an area of 26,000 m2, the site will deliver 288 mainly residential units with some retail space upon completion in 2022.
Eduardo de Roda, country manager for Patrizia in Spain, said: 'This acquisition further enhances our already strong position in the Spanish market and is testament to our extensive local knowledge and the ability of our team to source projects that deliver strong returns for our institutional investors.'
Patrizia’s Iberian property portfolio now totals over €1.3 bn assets under management and the residential segment represents 15%.
The company currently has funds and mandates of over €11.5 bn in the residential sector and has transacted €12 bn in the segment over the last six years alone, according to the firm. Including all segments, Patrizia executed €9 bn in transactions in 2019.
