Greystar Real Estate Partners (“Greystar”) has acquired 48 Gran Vía, a residential asset in Madrid’s Gran Vía neighborhood to invest in the private rented sector in Spain, this marks Greystar’s first transaction in Spain’s residential sector.
The asset was built in 2013 and comprises of 100 residential units, with a unit mix of between one and four beds, as well as common areas with a gym and swimming pool that overlooks the skyline of Madrid. Greystar and its affiliates will invest in repositioning the asset.
The purchaser’s advisor Jones Day served as legal advisor, PWC served as tax advisor, Knight served as a commercial advisor, and Arcadis served as the technical advisor.
“We are very pleased to approach the Private Rented Sector (PRS) market in Spain where we believe there are many attractive investment opportunities. We are currently analyzing a strong pipeline in both PRS and Purpose-Built Student Accommodation (PBSA) segments,” said Juan Manuel Acosta, Managing Director of Greystar Spain.
In 2017, Greystar acquired Spain’s largest student accommodation provider RESA, which currently manages close to 10,000 beds in 17 cities across Spain. Greystar is committed to its expansion and growth in Spain, with four new development projects underway totaling more than 1,000 beds in Madrid, Malaga and Pamplona. Greystar Spain has 200 dedicated team members with offices in Madrid and Barcelona.
Globally, Greystar has more than $33 billion in assets under management, with 52 offices in 12 countries across Asia-Pacific, Continental Europe, UK, Latin America and the United States.