PORTFOLIO: FUND V
Residential land bank in sought after submarket in Madrid
This subdivision investment by the Fund is in San Sebastián de los Reyes, one of the fastest-growing residential neighborhoods of Greater Madrid. The plot is one of the last available in the municipality 17 kms north of the Spanish capital city and it has provisional consent for a 6,300 sm development.
The Fund will negotiate full zoning for housing and a retail component with the municipality prior to starting the works to make the plot fully serviced and ready for development. This is the third investment by ASG funds in this submarket of Madrid, a city facing a supply shortage of new housing following the financial crisis and subsequent recessions in Spain.