Spanish real estate management company Catella Asset Management (AM) Iberia, part of Catella, has acquired 171 social housing rental units in the Central Park (CP) of Engineering, in the Villaverde district of Madrid.

On behalf of Catella European Residential Fund I (CER l), managed by Catella Residential Investment Management, Catella AM Iberia has paid 27 million euros ($30 million) to acquire the assets.

The deal consists of four new buildings with 171 apartments in one, two and three-bedroom formats, with the same number of parking spaces and storage rooms, common green areas and facilities such as a swimming pool and playground.

Catella AM Iberia, which has acted as asset manager of the first operation of the Catella European Residential Fund I in the Iberian Peninsula, will also be in charge of asset managing the property.