Home / News / Industry News / LaSalle buys Madrid residential asset, seeks further deals in Spain

LaSalle buys Madrid residential asset, seeks further deals in Spain

LaSalle Investment Management is targeting significant investment in Spain in the coming year, the global real estate manager said today as it announced the acquisition of a six-storey residential building in Madrid.

LaSalle, on behalf of a client, has paid an undisclosed sum to buy the asset from Spanish real estate investment trust Optimum III Value Added Residential. The asset, located at Calle Edgar Neville 7, comprises 40 apartments, a ground-floor retail space.

LaSalle said it will invest in further improvements to enhance the building quality and support a strategy of leasing out vacant units in the short term.

Francesco Coviello, head of investment CEE and Southern Europe at LaSalle, said the Calle Edgar Neville 7 asset is situated in a robust submarket of Madrid where LaSalle expects continued high demand for rental housing, particularly among upper-middle-income occupiers.

Source: realassets.ipe.com on 16 November (https://realassets.ipe.com/news/lasalle-buys-madrid-residential-asset-seeks-further-deals-in-spain/10048991.article)