Photo of Eduardo Guardiola & Javier Hortelano partners of Catella AM Iberia.
Catella AM Iberia has paid €25 million to Activitas for a residential building in Madrid’s southern suburb of Valdemoro for its CER fund (Catella European Residential), managed by Catella Residential Investment Management (CRIM).
According to Eduardo Guardiola, partner at Catella AM Iberia, «the acquisition of Valdemoro is one more step in our strategy which, has in rental housing one of its strongest points for the next few years. We believe that the demand for affordable rental housing will keep growing in the large urban areas of Spain and Portugal».
The development, which was signed in mid-2018 as build-to-rent, will consist of two buildings with a total 191 flats, 191 parking spots and 191 storage units, for a total 14.298 sqm above ground.
The flats are mostly of two-bedrooms (75%) although there are also one and three-bedroom apartments. The development will be developed by Activitas and has an outdoor swimming pool, paddle track, playground and a multi-sports court.