Patricia puts up for sale a mega-portfolio of apartments for rent in Barcelona

Patricia has at her disposal one of the large residential complexes launched this year. The German manager has put most of the rental apartments purchased from BeCorp in 2022 up for sale. This operation was a record at that time and amounted to about 600 million euros, according to various sources in the sector. elEconomista.es.

The deal was assigned to consulting firm JLL, which declined to comment. includes a portfolio of 542 homes located in seven complexes. and are located in the municipalities of the first crown of Barcelona, ​​such as Sagrera, Sant Just Desvern and Badalona.

According to the same sources, these are high-quality projects in a portfolio of 1,500 homes that Patricia purchased two years ago from a Catalan company and which have “high energy standards and certifications.”

The quality of these projects and their favorable location attract investors in an environment where The Barcelona market has “disappeared” from the map of institutional buyers. Thus, the price intervention policy in Catalonia has become a serious brake on investment in residential real estate in the region, exacerbating the overall drop in transactions that has occurred in the sector due to rising rates. Although this second factor is already changing direction, Legal uncertainty in the Catalan region continues to hamper the influx of foreign capital..

At the same time, industry sources claim that for this reason The operation could become more popular among private investors. In this case, the portfolio will likely be divided among several buyers. However, they do not rule out that some funds with very specific capital profiles could be attracted to enter Catalonia with the assets that Patricia is selling.

The German manager, who did not want to comment on the deal, pays great attention to the global housing market. Actually, This sector represents 27% of its portfolio worldwide. second only to offices, which account for 34% of assets under management, as reflected on its website.

In Spain, Patricia made an important bet on Cataloniasince in 2020 it bought 208 houses from Metropolitan in the city of Sant Joan Despi. A year later, it acquired a further 128 apartments, also owned by Metropolitan, distributed between Badalona and Esplugues de Llobregat. In the same year, the company acquired a 59-home project in Barcelona promoted by Mimeisa Asset Management.

Sale of assets

The sale of this residential portfolio in Spain complements other sales that Patricia has carried out in our country in recent months. So, last summer the company closed a deal to sell an office building to Ardian located in the Chamberí district of Madrid, at 28 Zurbarana Street. The asset has also been in her portfolio since 2022, when she acquired it from Zurich for approximately 20 million euros. But the housing and office sectors aren’t the only ones losing some ground.

Also in the logistics segment In August, the sale of two industrial platform projects in Illescas (Toledo) was completed. the total area of ​​which was 92,000 square meters. However, the German manager took control of the assets in 2021, signing a turnkey project with a subsidiary of Pavasal, the developer of the complex, to agree that it would retain the assets after their completion, for an investment of 56 million euros. . The sale of these logistics complexes and the Patricia building in Madrid could fetch about $90 million.