Garrigues advises ASI on €90m Real Estate acquisition

Garrigues has advised Scottish global asset manager Aberdeen Standard Investments on the acquisition from Azora of a residential build to rent property in Madrid for €90 million

The new residential area, which has a surface area of 200,000 sqm, will be developed on the land that once housed the former factory of the Mahou brewery group and the former Vicente Calderón stadium.

The project will consist of a residential building with 160 dwellings for rental, that will be developed by Spanish Real Estate asset management company Azora. This building will have 14,000 sqm, 1,900 sqm of commercial areas and 2,000 sqm for common areas such as gardens, swimming pool and playgrounds.

Garrigues acted as ASI´s Legal and Tax counsel with a team formed by Real Estate partner Héctor Muñoz (pictured left), Tax partner Gonzalo Rincón de Pablo (centre), Planning & Zoning partner Beatriz del Peso (pictured right), and included Real Estate senior associate Blanca Jiménez.