CBRE IM acquires two affordable residential assets in Madrid
CBRE Investment Management (CBRE IM), on behalf of a fund sponsored by the firm, has acquired two newly built, affordable residential assets in Madrid.
The first is in El Cañaveral, acquired from leading integrated Spanish residential developer Neinor through a forward-purchase structure. The scheme comprises 8,932 square meters (96,143 square feet) across two adjacent buildings and includes 94 dwellings, 123 parking units and 52 storage units. Due to be completed in December 2023, the asset has been built under a free-rental regime with amenities such as a garden, green areas, children’s area, gastro bar and swimming pool, and is targeting energy label AA for the EPC rating and BREEAM-in-Use certification Very Good.
The second, located in Torrejón de Ardoz and acquired from Spanish developer Prygesa, similarly encompasses two adjacent buildings with 7,708 square meters (82,968 square feet) lettable space, including 102 homes, one retail unit, 108 parking spaces