Savills IM adds more than 260 homes in Madrid to its portfolio of assets under management
1 November 2023
Savills Investment Management (“Savills IM”), the international real estate investment manager, has added more than 260 Build-to-rent (BTR) and Build-to-Sell (BTS) units in a prime area of Madrid to its portfolio of assets under management. Currently comprising three commercial properties, the portfolio will be converted into high-standard residential units. The complex has already received planning permission for the change of use.
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Located in a prime and consolidated residential area of Madrid, the assets were recently acquired by an international institutional investor, which has mandated Savills IM to manage the portfolio.
The more than 260 units are expected to achieve BREEAM Very Good and WELL Silver certifications, as well as a Grade A Energy Performance Certificate, the most demanding in the local market. The development will also include amenities including swimming pools, a gym and entertainment areas.
Fernando Ramírez de Haro, Managing Director of Savills Investment Management for Spain and Portugal said:
“The imbalance between supply and demand for quality housing in Madrid presents attractive opportunities through the repositioning and repurposing of assets. By managing a portfolio with these characteristics and adapting the properties to meet the new demands of residents, investors, and regulators, we aim to generate attractive long-term returns for their owners.”
Strengthening its position in the Spanish residential market:
With the addition of these more than 260 homes to its portfolio of assets under management in Spain, Savills IM strengthens its position in a sector with supply-demand imbalances and solid fundamentals: Madrid is a city with favourable long-term economic and demographic prospects.
This mandate follows the acquisition of the Sky Homes development in Valencia, comprising 209 units across two prime properties, which Savills IM recently acquired from Neinor Homes for €66 million.
CONTACT US
Citigate Dewe Rogerson
Stephen Sobey / Will Easton
+44 (0)20 7025 6400
SavillsIM@citigatedewerogerson.com
"The imbalance between supply and demand for quality housing in Madrid presents attractive opportunities through the repositioning and repurposing of assets."