Greystar Real Estate Partners and Vía Célere, a developer and manager of residential assets in Spain and Portugal, have signed a €197.5 million green loan with CaixaBank for the acquisition and management of its diversified portfolio of 2,425 rental housing units in Spain.
The loan has a seven-year term and includes a hedge to protect against a rise in interest rates during this period.
It is the largest green real estate loan granted by CaixaBank in the year and complies with the Green Loan Principles issued by the Loan Market Association (LMA), aligning with the categories of sustainable building and energy efficiency. DLA Piper advised CaixaBank on this transaction.
The joint venture comprises 22 buildings in areas of high rental demand, including Malaga, Seville, Valencia and Bilbao. 88% of the residential apartments are under construction and 66% of them will be delivered during 2023, the remaining percentage expected to be completed between 2024 and 2025.
The buildings will have BREEAM certificate and Energy Performance Certificate levels A and B, the highest ranking certificates for buildings that reduce the energy consumption.
The portfolio will operate under the ‘Be Casa Essential’ brand, characterized by offering affordable one to three-bedroom purposely designed for rental homes. The projects will be equipped with communal areas and services for tenants such as a gym, co-working, social club and communal swimming pool, among others. Be Casa Essential is a spin-off of the Be Casa brand, owned by Greystar, which already operates a portfolio of 2,500 flex living units in Spain. Jones Day acted as advisor to the Joint Venture.
Juan Manuel Acosta, Greystar’s Managing Director for Spain, said: “This announcement of a green finance agreement with CaixaBank is a step forward in our goal to increase the supply of quality, sustainable rental housing in Spain. At Greystar we are very proud to guarantee through this agreement the sustainable construction and energy efficiency of our buildings”.
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