Primevest CP seals first residential acquisition in Spain with AEDAS Homes

Pan-European investment manager Primevest Capital Partners (Primevest CP) has finalised its first acquisition in the Spanish residential market. The acquisition on behalf of a German pension fund involves a property of 13.000 m² in Seville at a price of slightly above € 21 million. The vendor is Facornata Servicios Y Gestiones S.L, a full subsidiary of Aedas Homes S.A. The project will be delivered in Q1 2023.

The project that Primevest has acquired will comprise 125 residential units with a unit mix of between 2 to 4 bedrooms, and two commercial units spread over 3 buildings. It is located to the south-east of Seville’s city centre and forms part of a new development area in the Palmete neighbourhood. It will also include a garage with 199 parking spaces on two levels and 125 storerooms in the basement. It is part of the largest residential development under construction in Spain: Jardines Hacienda Rosario. The greater development will comprise seven buildings with over 1,000 homes and feature an impressive 37,000 m² of resort-style amenities: two swimming pools, six padel courts, a soccer field, a basketball court, a children’s playground, a running circuit of more than one kilometre, a large social club, and landscaped gardens – all of which to be enjoyed by the future tenants.

Olaf Steinbusch, Senior Acquisition Manager at Primevest Capital Partners: “We have identified Spain as a market to expand our residential assets and will further build on our sustainable portfolio of residential buildings across the country in selected cities for our mandates. Aside from Seville, we also see many attractive investment opportunities for our investors in cities such as Alicante, Palma de Mallorca, Bilbao, Cádiz, A Coruña, Granada, Madrid, Malaga, Murcía, Salamanca, Santander, Valencia, Burgos Vigo and Zaragoza. This project in Seville offers a very stable investment opportunity due to the combination of modern high-quality apartments and a good ESG rating and will be certified by BREEAM. We look forward to expanding our portfolio in the residential market in Spain.”

Peter Renk, Head of Residential at Primevest Capital Partners: “As an investor with a long-term view, we are also interested in ’vivienda protegida’ [sheltered housing] investments and underline our sustainable investment approach by investing exclusively on the basis of equity. Besides acquiring affordable and modern housing, our focus is on ESG-conformity and contemporary floor plans for families.”

Primevest started to invest in residential real estate in 2007 and has built up a residential portfolio of ca. 1 billion euros across Europe, focusing on Austria, Denmark, Germany, Spain and the Netherlands. Primevest seeks investments valued between 15 and 60 million euros, mainly for segregated residential investment accounts for individual clients, primarily pension funds.

Having around 700,000 inhabitants and being the capital of Andalusia, Seville is the fourth largest city in Spain after Madrid, Barcelona and Valencia. Seville’s old town is the largest in Spain and one of the largest historical centres in Europe, visited by approx. 2.5 million tourists every year. The university has over 70,000 students and is one of the largest universities in Spain. Seville forms the economical centre of the region and has a very well developed infrastructure network. Many companies are represented in the city such as Airbus, FASA-Renault, Endesa Generación, the brewery Heineken and pharmaceutical company Bida Farma.

The project site is located in the Palmete neighbourhood of district Cerro-Amate, south-east of Seville’s city centre, which can be reached by public transport in about 30 minutes or by car in just 15 minutes. All basic amenities, such as supermarkets, pharmacies, a hospital, several schools, restaurants and the Sevilla Este shopping centre are located nearby.

The residential buildings will meet modern energy-efficient standards and each block will be equipped with solar panels on the building’s roof for electricity. Heating and cooling takes place via heat pump technology, no fossil fuels are used. The building is connected to a separate water network, so rainwater and waste water are collected separately. All communal areas use state-of-the-art LED lighting. Seville city council collects waste and recyclables separately and all buildings will have areas for sorting waste, plastic, glass and paper.

CMS (LDD), ARCADIS ESPAÑA Design & Consultancy (TDD) and Enrique Campos Molino (Messures) advised Primevest CP on the acquisition. Aedas Homes has been advised by law firm Garruiges.

About Primevest Capital Partners
Primevest Capital Partners is a pan-European investment boutique that specialises in investments in innovative real assets. At Primevest Capital Partners, our vision is to help our clients to provide for their sustainable financial future by investing in the future of our cities in realising sustainable urban living, improving connectivity, and enabling mobility. Our investment philosophy and vision are energised by the current trend of urbanisation and the ability to fulfil the needs of modern metropolitan communities, while enhancing the quality and sustainability of people’s lives.

From our offices in Utrecht, Eindhoven and  Berlin, a team of 70 professionals manage €2.8 billion in assets including sector-focused funds, individual institutional mandates and a number of funds targeting private investors as well as family offices following acquisition of the Holland Immo Group. Primevest Capital Partners is part of Primevest Capital Partners Holding B.V.