Commerz Real has sold the "Pallars" residential complex in Barcelona, which it acquired in 2021, from the portfolio of its "Commerz Real Institutional Smart Living Europe Fund". The buyer is a fund of the international real estate investors Ardian and Rockfield. The purchase price was not disclosed. "Demand remains very high, especially in the Micro Living segment," explains Kerstin Struckmann, Global Head of Product Management Institutional Clients at Commerz Real. "We have used this opportunity to achieve a very good result for our investors and to gain scope for further investments in the sense of active portfolio management."
The open-ended special AIF (alternative investment fund) "Commerz Real Institutional Smart Living Europe Fund" invests for professional and semi-professional investors in student and micro-apartment complexes in European metropolises and university towns. Commerz Real recently acquired a student housing complex in Dublin for the Smart Living Europe Fund.
Acquired at the time as forward funding and completed in November 2022, "Pallars" comprises 673 single and double rooms on 26,086 square metres of total lettable space, which extend over a four-storey building block and four eight-storey residential towers. In addition, there are 34 car, 211 motorcycle and 105 bicycle parking spaces in the integrated underground car park. The residential complex is located at Carrer de Pallars 433 – 453 in the "22 @" district, a former industrial area in the Sant Martí district, which has been transformed and upgraded into a leading innovation and technology centre since 2000.
Commerz Real was advised on the transaction by Savills.
