CBRE Global, Madison International acquire Spanish residential portfolio for €870m

CBRE Global Investment Partners (CBRE GIP) and Madison International Realty have acquired 6,458-unit portfolio of Spanish residential properties valued at €870 million ($1.01 billion).

The portfolio has been purchased as part of the recapitalization of a fund managed by Azora, which had come to the end of its life. Azora, a specialized investment and asset manager, will continue to manage the assets and has a minority stake in the venture. CBRE GIP and Madison intend to grow the venture and seek further opportunities to invest in the Spanish multifamily housing market.

“This investment represents a rare opportunity to acquire a large-scale, high-quality residential portfolio located largely in the Spanish capital,” said Derek Jacobson, co-chief investment officer at Madison International Realty. “We have a track record of residential investment and management in the U.S. from which to draw on as we look to grow this joint venture. This is our first joint ventur