CBRE Global Investment Partners and Madison International Realty confirmed on Monday that they will buy a portfolio of 6,458 Spanish residential properties. The value of the investment will be € 870 million (£ 781.15 million).
The portfolio consists of 65 apartment block buildings in Madrid and other Spanish cities and will be managed by Spanish asset manager Azora.
In a statement, Head of Continental Europe at CBRE Global Investment Partners, Alexander van Riel, said: “The residential rental market in Spain is very fragmented, making this portfolio and its critical size unique to act as a major consolidator in the sector. […] This investment is in line with our key strategy – to focus on urbanisation and demographic trends in supply constrained markets – and increases the CBRE GIP residential sector exposure in Europe.”