M&G acquires €98m residential development on Bilbao’s Zorrotzaurre Island
M&G Real Estate has made a €98 million ($108 million) forward funding commitment to a 29,000 square meters (312,000 square feet) residential development on Bilbao’s sought-after Zorrotzaurre Island on behalf of its European Living Property Fund.
Zorrotzaurre is an artificial island located within the Deusto district of Bilbao, Spain.
Launched in January this year with €600 million ($662 million) of investment, it aims to provide institutional investors with attractive risk adjusted returns through investment into Europe’s residential sectors.
The development comprises 314 high-quality private rental apartments split across two build-ings of 15 and 17 floors. The one-, two- and three-bedroom homes will be built to high sustain-ability standards, targeting an EPC ‘A’ rating and ‘Very Good’ BREEAM certification and