PORTFOLIO: FUND V
Development in under-supplied housing market in Madrid
Project King is a 372-unit condominium project on a fully-zoned site acquired by the Fund in San Sebastián de los Reyes, a municipality 17 kms north of Madrid. This is the fourth investment by ASG funds in this under-supplied submarket of Madrid, where homebuilding activity came to a standstill during the financial crisis and ensuing recessions. Demand for housing has picked up as Spanish economic growth gains momentum and lowers unemployment.
The 32,300 sm development will target the under-supplied starter-home market in this popular commuter town. The condos will provide underground parking, gardens and other amenities. Aside from residential development, the plot has consent for other uses, giving the Fund additional options to find value.