Purchased as part of the recapitalization of a fund managed by
Spanish asset manager Azora, which will continue to manage the
assets and has a minority stake in the venture, CBRE GIP and
Madison said they would look to grow the venture.
The portfolio consists of 65 primarily mid-market apartment
block buildings of which around 70 percent are located in and
around Madrid, with the balance in other key cities, they said.
"The residential rental market in Spain is very fragmented,
making this portfolio and its critical size unique to act as a
major consolidator in the sector," Alexander van Riel, Head of
Continental Europe at CBRE Global Investment Partners.
"This investment is in line with our key strategy – to focus on
urbanization and demographic trends in supply constrained
markets – and increases the CBRE GIP residential sector exposure
($1 = 0.8641 euros)
(Reporting by Simon Jessop, editing by Maiya Keidan)
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