Pan-European investment manager Primevest Capital Partners (Primevest CP) 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. Two tram lines and several bus lines provide a direct connection to the city centre. In addition, many facilities for daily needs can be found in the immediate vicinity. These include several supermarkets, schools, various museums and leisure centres.
Valencia is located in the eastern part of Spain and is the third largest city in the country after Madrid and Barcelona. The metropolitan region comprises about 1.5 million people, of whom around 800,000 live in the city of Valencia itself. The city of Valencia is home to the University of Valencia and the Polytechnic University of Valencia, two of Spain’s top 10 Universities with over 76,000 students.
The residential buildings will meet modern energy-efficient standards (an A energy rating and BREEAM Very Good) and it will make use of renewable energy sources, such as a photovoltaic installation (solar panels) to generate electricity and a centralised aerothermal system for domestic hot water, state-of-the-art LED lighting in all communal areas and a waste disposal area as a clean point for recycling waste, plastic, glass and paper.
Olaf Steinbusch, Senior Acquisition Manager at Primevest Capital Partners: “We are very pleased that, in partnership with Colliers, 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.”
Earlier this year, Primevest announced its first residential acquisition of €21 million in Seville and marked its entry into the Spanish residential market. Primevest has identified Spain as a market to expand its residential portfolio and will further build a sustainable residential portfolio across Spain in selected cities, such as Alicante, Palma de Mallorca, Bilbao, Cádiz, A Coruña, Granada, Madrid, Malaga, Murcía, Salamanca, Santander, Valencia, Vigo and Zaragoza.
Primevest started to invest in residential real estate in 2007 and has built up a residential portfolio of approx. €1 billion across Europe, focusing on Austria, Denmark, Germany, Spain and the Netherlands. Primevest seeks investments valued between €15 and €60 million, mainly for segregated residential investment accounts for individual clients, primarily pension funds.
Colliers acted as financial and real estate advisor in the transaction, Drees & Sommer as technical consultants and CMS Albiñana & Suárez de Lezo as legal advisor.
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 the firm’s 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.