MADRID, 18 Oct. (EUROPA PRESS) -
DWS, manager of Deutsche Bank, has closed a loan of 38.8 million euros to finance the construction of a residential development for rental in Spain, as reported this Wednesday by the company, which highlighted that this financing is carried out in the name of the European Property Debt Fund.
The firm has highlighted in a press release that the operation will support, during the development and stabilization period, the development of an affordable housing plan that will include 315 residential assets located in Arganda del Rey (Madrid).
DWS has also detailed that this is the fourth operation that the team has carried out on behalf of the fund, which focuses on the creation of a portfolio of subordinated ('junior') loans "secured by high-quality pan-European core/core real estate assets, intended for institutional investors throughout Europe".
The DWS real estate debt platform currently manages six European 'senior' and 'junior' strategies in the form of client mandates and as open-ended or closed-ended funds, with a total volume of €2.6 billion, as of June 30, 2023.
The head of Real Estate at Iberia, Manuel Ibáñez, has highlighted that the imbalance between supply and demand continues to be "very strong in the residential rental sector in Spain and, although it is still difficult to find attractive operations with own funds given the strength of the sales prices, we are pleased to have found an opportunity through debt capacity.