20 October 2020 - DWS today announced the forward purchase of two residential developments across Spain for almost EUR 100 million on behalf of its German retail and institutional real estate funds, in two off market transactions. The developments are located in Ensanche de Vallecas (Madrid) and in the metropolitan area of Barcelona. Practical completions are expected in the first half of 2023.
These mark the first transactions for DWS in the residential sector in Spain, alongside its local partner for the residential sector, Urban Input. Through this partnership, Urban Input sources DWS with build to rent (“BTR”) development projects.
Upon completion, 320 residential units each with car park and storage room will be delivered, along with high-quality facilities including swimming pools, paddle tennis court, gym, co-working areas and playgrounds. Both locations benefit from existing public services, such as hospitals and schools, with significant additional public facilities planned. With excellent connectivity to their respective city centers, both residential developments will be located within close proximity to nearby public transport, including metro stations and the main road networks.
Matthias Naumann, CIO of European Real Estate at DWS said: “Both areas represent attractive and emerging micro-locations given their ongoing urban development. As the first residential acquisitions in Spain, they provide regional diversification in line with our funds’ strategy”.
Ronen Ribak, Head of Real Estate Transactions, Europe at DWS added: "Demand for affordable rental housing in Spain remains positive despite the difficult market conditions given the Covid-19 pandemic. We will continue to expand our European footprint in this sector seeking significant, residential investment opportunities in strong and stable locations both in countries where we have an existing presence, as well as new ones in the near future."
In support of DWS’s European strategy, these acquisitions follow recent residential investments in Germany, the Netherlands, Finland, Ireland and now Spain.
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DWS - Real Estate
DWS’s real estate investment business has been investing in real estate assets for almost 50 years. As part of the Alternatives platform, the real estate business has more than 450 employees around the world and EUR 64 billion in assets under management as of June 30, 2020. Providing a diverse range of strategies and solutions across the risk/return and geographic spectrums, we offer core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver attractive long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide.
About DWS Group
DWS Group (DWS) is one of the world's leading asset managers with EUR 745bn of assets under management (as of 30 June 2020). Building on more than 60 years of experience, it has a reputation for excellence in Germany, Europe, the Americas and Asia. DWS is recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.
We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our investment approach strategically.
DWS wants to innovate and shape the future of investing: with approximately 3,500 employees in offices all over the world, we are local while being one global team. We are investors – entrusted to build the best foundation for our clients’ future.