Greystar Real Estate Partners has formed a joint venture to acquire a portfolio of 2,425 rental housing units in Spain from Vía Célere, a residential property developer in Spain.
The build to rent portfolio is one of the largest in the country and Vía Célere will retain a minority stake of 45% of the portfolio.
For Greystar’s portion, this investment is being made on behalf of GEPE I, Greystar’s pan-European discretionary fund.
The forward purchase transaction comprises twelve projects located in Madrid, Malaga, Valencia, Seville and Bilbao.
Eighty-eight percent of the units are already under construction and the remaining 12% are expected to start construction before year end. The delivery dates of the properties range from 2023 to 2025.
“Be Casa Essential”, owned by Greystar, will be the new brand that will market and operate this portfolio.
“Be Casa Essential” is the result of the spin-off of the “Be Casa” brand, owned by Greystar, which already operates a portfolio of 2,500 flexible living apartments in Spain, and positions Greystar as one of the leading investors and operators in the country.
Juan Manuel Acosta, Greystar’s Managing Director for Spain, said: “This transaction is another example of our firm’s expertise in evaluating and structuring deals that align with our investment objectives, while also meeting the needs of our partners and clients. By tailoring our investment approach to the specific needs of each opportunity, we are able to structure deals that have the potential to generate superior returns for our investors.”
José Ignacio Morales Plaza, Vía Célere’s CEO highlights: “This agreement is a milestone in the real estate sector in Spain and a step forward in the development and management of Build to Rent in the country. We are very satisfied with the partnership we have created with Greystar and are confident that we will achieve results that will validate our decision to create a best-in-class Build to Rent portfolio. We knew that by launching the development and construction of these assets we would find an excellent operating and investment partner and believe we have done exactly that.”
