Aquila Capital has acquired its third residential real estate development project in Spain. The property comprises a 23,000sqm site in La Moraleja, considered one of the most exclusive districts in Madrid. The plots will consist of high-end semi-detached houses and generously sized individual villas. The project involves the construction of 75 residential units with an average living area of 300sqm and 225 underground parking spaces.
La Moraleja, located in the north of Madrid, is home to a number of higher-income municipalities where the average GDP per resident is more than double the city’s average. The district has a well-developed infrastructure, with shopping facilities and parks located nearby. La Moraleja also offers golf and tennis courts as well as Spanish and international private schools.
Aquila Capital expects a strong level of demand for the properties due to their high-quality specification and limited supply. In the last 12 months, selling prices in La Moraleja have increased by around 10%, reflecting buoyant market conditions. Of the two residential real estate projects currently under development in the area, 70% have been purchased in advance of completion despite being built to a lower specification than those planned by Aquila Capital.
Rolf Zarnekow, Head of Real Estate at Aquila Capital, said: “In recent years, we have been successfully building a well-diversified Spanish real estate portfolio. The acquisition of La Moraleja ensures the expansion of our existing investments with a project from the luxury residential segment of the market.”
Roman Rosslenbroich, CEO and Co-Founder of Aquila Capital, said: “The acquisition of our third residential real estate development project in Spain underlines the success we are seeing from the proven combination of our experienced investment team in Madrid and our extensive network of established project partners. The specialists have a combined investment experience of more than 100 years and have already realised projects worth over US$5 billion.”