Pan-European investment manager Primevest Capital Partners has made its Spanish residential debut with a deal in Seville priced at just over €21 mln.
The property covering 13,000 m2 was acquired from Facornata Servicios Y Gestiones, a full subsidiary of Aedas Homes, on behalf of a German pension fund.
The project will be delivered in Q1 2023 and will comprise 125 residential units with a unit mix of two-four bedrooms, and two commercial units spread over three buildings.
It is located to the south-east of Seville's city centre and forms part of a new development area in the Palmete neighbourhood. It will also include a garage with 199 parking spaces on two levels and 125 storerooms in the basement.
It is part of the largest residential development under construction in Spain: Jardines Hacienda Rosario. The greater development will comprise seven buildings with over 1,000 homes and feature 37,000 m2 of resort-style amenities.
Olaf Steinbusch, senior acquisition manager at Primevest Capital Partners said: 'We have identified Spain as a market to expand our residential assets and will further build on our sustainable portfolio of residential buildings across the country in selected cities for our mandates.
'Aside from Seville, we also see many attractive investment opportunities for our investors in cities such as Alicante, Palma de Mallorca, Bilbao, Cádiz, A Coruña, Granada, Madrid, Malaga, Murcía, Salamanca, Santander, Valencia, Burgos Vigo and Zaragoza.
'This project in Seville offers a very stable investment opportunity due to the combination of modern high-quality apartments and a good ESG rating and will be certified by BREEAM. We look forward to expanding our portfolio in the residential market in Spain.'
Peter Renk, head of residential at Primevest Capital Partners said: 'As an investor with a long-term view, we are also interested in ’vivienda protegida’ [sheltered housing] investments and underline our sustainable investment approach by investing exclusively on the basis of equity. Besides acquiring affordable and modern housing, our focus is on ESG-conformity and contemporary floor plans for families.'
Primevest started to invest in residential real estate in 2007 and has built up a residential portfolio of some €1 bn across Europe, focusing on Austria, Denmark, Germany, Spain and the Netherlands.
