PATRIZIA acquires residential turnkey development in Spain for EUR 74m
- Development comprises 26,000 sq m of constructed area in vibrant and in-demand Barcelona suburb
- PATRIZIA’s Iberian property portfolio now totals over EUR 1.3 bn AUM
Augsburg / Madrid, 29 September 2020. PATRIZIA AG, a leading partner for global real assets, has acquired a EUR 74 million residential turnkey project in Barcelona, Spain, located in the desirable Sant Joan Despí suburb on a 26,000 sq m constructed area.
Upon completion in 2022, the site will deliver 208 mainly residential units with some retail space in one of Barcelona’s most vibrant suburbs, known for its excellent transportation links and high standard of living.
Eduardo de Roda, Country Manager for PATRIZIA in Spain, said: “This acquisition further enhances our already strong position in the Spanish market and is testament to our extensive local knowledge and the ability of our team to source projects that deliver strong returns for our institutional investors.”
PATRIZIA’s Iberian property portfolio now totals over EUR 1.3 bn AUM and the residential segment represents 15%.
From the very beginning of its company history, PATRIZIA has been active in the residential space. The company currently has funds and mandates of over EUR 11.5bn in the residential sector and has transacted EUR 12bn in the segment over the last six years alone. Including all segments, PATRIZIA executed EUR 9bn in transactions in 2019.
PATRIZIA: A leading partner for global real assets
As a company with operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 36 years. PATRIZIA manages more than EUR 45 billion in assets and employs over 800 professionals at 24 locations worldwide. Through its PATRIZIA Children Foundation, PATRIZIA is committed to social responsibility. The Foundation has helped over 220,000 children in need worldwide over the last 20 years. You can find further information at www.patrizia.ag
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