Pan-European investment manager Primevest Capital Partners (Primevest CP) has acquired a residential development in the city centre of Albacete, about 200 km southeast of Madrid, for some €21 mln on behalf of a German pension fund.
The six-storey property, comprising 127 rental apartments across 8,755 m2, was purchased from developer Grupo Albaluz, part of Tracia Ventures y Moreno Brothers Capital.
Olaf Steinbusch, senior acquisition manager at Primevest Capital Partners, said: 'Our third residential acquisition in Spain is completely in line with our investor’s investment strategy for the country.
'The development represents a solid investment opportunity on an A location in the capital of the Spanish province of Albacete, thanks to its proximity to the old city centre and other amenities as well as its high technical and sustainability standards.'
The scheme is located on the corner of Calle Alcalde Conangla 3 and Calle Serreriá in the city centre of Albacete, and the historic old town is within walking distance. The ‘Albacenter’ shopping centre is only 300 metres away, alongside shops, bars and restaurants while a primary and secondary school and one of the city’s three universities are also close by.
The 127 residential units range in size between 52 m2 and 128 m2, and are planned over five floors, while an underground car park will offer one parking space for each apartment.
Each flat will have its own terrace or balcony and an individual storage room in the basement while four bicycle storage rooms for up to 100 bicycles will be installed on the ground floor. Residents will also have access to an outdoor pool and a gym situated on the ground floor.
The apartments will be equipped with LED lighting, floor heating, air-conditioning and well-dimensioned windows with external sun protection. The property, scheduled for delivery in the summer of 2025, is being built in line with EU requirements and will have an A energy label, the highest possible rating.
Sebastian Moreno, CEO at Grupo Albaluz, added: 'Grupo Albaluz aims to allow every citizen in Albacete to enjoy affordable and high-quality housing. This new development will help meet this goal by stimulating Albacete’s rental market and is a great step forward for the city of Albacete and its residents.'
Drees & Sommer acted as technical consultants and CMS Albiñana & Suárez de Lezo as legal advisor for the buyer. Grupo Albaluz was advised by law firm Scasso Abogados.
