PORTFOLIO: IBERIA FUND I
Cervantes (Madrid)
Residential development in sought after location
The fund acquired this 2.2 hectare site in Alcalá de Henares, the historic town within commuting distance of Madrid, in an off-market deal at attractive pricing. The site has zoning in place and the fund plans to build a 450-unit condominium complex on it. The city is popular with commuters because it takes 35 minutes to travel into central Madrid by train and the city itself is vibrant because of the flow of tourists visiting its UNESCO world heritage site-rated center and the presence of a large student body attending what is one of Spain’s oldest universities.
The consented development, which is close to the railroad station and the city center, is scheduled to start in the second half of 2017, subject to permits. Project Cervantes allows the fund to deliver premium-priced condos in a highly desirable location to a supply-constrained market with strong growth dynamics.