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CBRE Global, Madison Realty team up to buy €870M Spanish residential portfolio

Asset managers CBRE Global Investment Partners Ltd. and Madison International Realty LLC are buying 65 mid-market apartment buildings, primarily in Madrid and valued at €870 million, Reuters reported.

The joint-venture partners are making the purchase as part of a recapitalization of an Azora-managed fund, according to the Sept. 10 report. Azora has a minority stake in the venture and will remain the manager of the 6,458-unit portfolio.

Both CBRE Global and Madison said they would look to grow the venture, Reuters added.