Pan-European investment manager Primevest Capital Partners has signed its second acquisition in the Spanish residential market.
On behalf of a German pension fund, Primevest has acquired a residential property of 6,500 m2 containing 90 units near the marina of Valencia for around €18 mln.
The vendor is Hierros y Corrugados Ribarroja, a subsidiary of the construction group Grupo BertolÃn. The project is set to be delivered in the fourth quarter of 2024.
The project is located on the corner of Calle Vicente Brull and Calle Museros in Valencia. It will comprise two buildings with 90 residential units and a basement parking garage with 58 parking spaces.
Both buildings will have a swimming pool and children’s playground on the roof deck, as well as storerooms, a gym, a bicycle shelter and co-working. The property will be built for rent (BTR) with construction due to start in the third quarter of 2022.
Located to the east of Valencia’s city centre, the project is 300 metres from the marina and 800 metres from the beach in the Poblats Maritims district.
