King & Wood Mallesons has advised the German Fund Aquila Capital on its joint venture with the real estate group Inmoglaciar.

The joint venture was established to participate in the public procurement tender process set up by SEPES Entidad Púbilica Empresarial de Suelo for the acquisition of 9 plots of land located in Villaverde (South of Madrid), with a total area of 52,500 m2 of land and 120,425 m2 of buildable space, and the subsequent development on those plots of approximately 1,200 dwellings, which are subject to publicly subsidised regimes.

The total value of the acquisition of the land was €44.9m and the total development investment will be around €200m.

Enrique Isla, Real Estate Partner at King & Wood Mallesons, said: “This project is one of the most ambitious and innovative in the real estate sector in Madrid and confirms the attractiveness of the Spanish residential sector for foreign investors. Currently King & Wood Mallesons is advising several joint ventures between international investors and local players, both in residential and commercial projects”.

The deal was led by Partner Enrique Isla with the assistance of Associates Marta Orce, Alejandro Maristany and Patricia Pérez Lago.