The US fund Ares Management, through its Spanish subsidiary Avalon Properties, has closed the purchase of two residential properties in Madrid, which it had been commissioned to build. Both operations were already announced in the company’s IPO prospectus, but had not been completed because the construction work was still in progress. Now, the US giant has fulfilled its obligations and completed the acquisition of both residential buildings.
As confirmed by Socimi Iante, owned by Avalon, it has acquired 45 residential units, together with their storage rooms and parking spaces, in the Madrid district of Tetuán. They are located at numbers 34-36-42 of Calle Esperanza Sánchez Carrascosa, have a total area of 4,348 square metres and a market value of €15.06 million.
In addition, the listed company has announced the purchase of 40 residential units in Butarque (Leganés), although this transaction was closed last November. According to the listing document, the Butarque I residential development is located at number 9 Calle Villaverde a Perales Río, has 2,242 square metres and a value of €5.62 million.
These acquisitions have been financed with a combination of shareholder loan, shareholder contribution and funds disposed from a facility agreement signed with ING.
ONTIER advised both Iante and Avalon with a team led by Real Estate head patner Natalia Callejo Pla
