Pan-European investment manager Primevest Capital Partners has signed its second acquisition in the Spanish residential market. On behalf of a German pension fund, Primevest has acquired a residential property of 6,500 m² containing 90 units near the marina of Valencia for approx. €18 million. The vendor is Hierros y Corrugados Ribarroja, S.A., a subsidiary of the construction group Grupo Bertolín S.A. The project is set to be delivered in Q4 2024.
The project is located on the corner of Calle Vicente Brull and Calle Museros in Valencia. It will comprise two buildings with 90 residential units and a basement parking garage with 58 parking spaces. Both buildings will have several chill-out areas, a swimming pool and children’s playground on the roof deck, as well as storerooms and a bicycle shelter in the basement. In addition, each building will provide space for a gym and co-working. The property will be built for rent (Build-to-Rent) and will be completed by the end of 2024.
Construction is set to start in Q3 2022.Located to the east of Valencia’s city centre, the project is 300 metres from the marina and 800 metres from the beach in the Poblats Maritims district. Aside from being an attractive tourist location, this district has become a hub of technological innovation due to the presence of many start-ups.
Olaf Steinbusch, senior Acquisition manager at Primevest Capital Partners said: “We have been able to acquire a second residential property in Spain. This project in Valencia offers a very stable investment opportunity due to the combination of modern high-quality apartments situated at a fantastic location and a good ESG rating. It mainly comprises 1-bedroom apartments to meet the demand of affordable, sustainable and modern rental homes with all kinds of amenities and communal areas. We look forward to expanding our portfolio further with sustainable and affordable homes in the residential market in Spain.”
CMS Albiñana & Suárez de Lezo advised Primevest with a Real Estate team comprising partner and head of the firm´s Real Estate department Álvaro Otero and associates Jorge Durán and Marián Moya, a Tax team formed by partner and head of the Tax department Diego de Miguel and assocate Marta Burgos, and a Corporate/M&A team made up of counsel Ignacio Cerrato and associate Macarena Méndez.
Colliers acted as Financial and Real Estate advisor and Drees & Sommer as technical consultants.