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Allianz expands Spanish PRS exposure with acquisition of prime portfolio in Madrid
Transactions - MARCH 18, 2022

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Allianz expands Spanish PRS exposure with acquisition of prime portfolio in Madrid

by Released

Allianz Real Estate has acquired a portfolio of nine prime residential buildings in the Chamartín district of Madrid for €185 million ($205 million).

The nine assets include 245 residential units plus additional retail space. Eight of the assets have been sold by the SOCIMI Testa Residencial, a listed corporation for investing in real estate, and the properties are located in the streets Felix Boix 4, 6, 8 and Doctor Fleming 39, 41, 43, 45 and 57. In a ninth asset located in Carlos Maurrás 7, Testa Residencial sold selected residential units, with the balance owned by private owners.

The units will be upgraded to bring them in line with Allianz Real Estate’s ESG program, in particular Carbon Risk Real Estate Monitor decarbonization pathways. The firm has a target to reduce carbon emissions across its portfolio by 25 percent by 2025 and be carbon net-zero by 2050.

The block is located north of Madrid’s city center, benefitting from local amenities and

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