CBRE Global Investment Partners and Madison International Realty have bought an €870m (£778m), 6,458-home portfolio of Spanish residential assets.
The portfolio was bought as part of the recapitalisation of a fund managed by Azora which had come to the end of its life. Azora will continue to manage the assets with a minority stake.
Javier Rodriguez-Heredia, partner at Azora and head of residential, said: “We have kept this 6,458-unit portfolio under rental for 15 years, providing living solutions to thousands of families. Instead of liquidating and selling these units, with this strategic partnership we have not only found a way to keep the units available for the families, but we will also increase the supply by continuing to invest in new rental product.”
The portfolio consists of 65 primarily mid-market apartment blocks, 70% of which are located in and around Madrid. CBRE GIP and Madison intend to grow the venture and seek further investment opportunities in the Spanish housing market.
The buyers were advised by PwC, CBRE and Knight Frank; the vendor was advised by Kempen and Deloitte.
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