The development, designed by Morph Estudio, will deliver 230 units. It is located in a mixed-use and residential area with direct train and bus connections to and from Madrid Airport, the city centre and surrounding offices at Sanchinarro-Las Tablas, Campo de las Naciones and Alcobendas.

Commenting on the acquisition, Michael Bickford, founder and CEO of Round Hill Capital, said: 'The potential of the serviced apartment market is exciting and reflects our ongoing commitment to attract investment to the Iberian accommodation market in response to the demand for high quality housing alternatives in Madrid.

'People increasingly desire value for money, flexibility, security of lease tenure and a range of high-quality amenities and services that offer more value than the traditional privately rented apartment. We firmly believe our new development will play a big part in helping to address this problem, in a well-connected area with Madrid’s city centre and major business only a stone’s throw away.

'This transaction also marks our growing credentials in delivering high-quality serviced apartments across Iberia, with over 2,000 homes acquired to date, and more to come over the next few years.'

The deal marks Round Hill Capital’s fourth acquisition of accommodation assets in Spain as the firm continues to build on its growing portfolio across Southern Europe. The company has acquired 950 serviced apartments to date within the region, with over 1,400 additional beds potentially in the pipeline.

Construction works are expected to start in 2022.

Ashurst, EY and Gleeds have advised on the deal.