Franklin Real Asset Advisors, on behalf of the Franklin Templeton Social Infrastructure strategy, has entered into a transaction to acquire 83 units of rent controlled housing in Santa Perpetua, Greater Barcelona.
The US firm said it had been constructed to high green standards and would be let to local residents on affordable rents.
Michel Lim, VP at Franklin Real Asset Advisors, said: ‘We are pleased to acquire our first affordable housing asset in Spain, which provides high quality housing units to the local population at a discount to open market rent.’
‘The units will be let to families satisfying a maximum permitted level of family income, ensuring that lower income households are not overly rent burdened.’
Klaus Schmid, director of acquisitions, added: ‘This acquisition provides much needed affordable housing in the Barcelona region and provides the strategy with long-term stable cash flows.’
‘The acquisition of this asset is consistent with our dual return strategy of delivering impact to the community alongside a financial return, and we are looking to further grow this strategy in Spain.’
