Complex Valdebebas 125 has 31.000 sqm and should feature a total 395 apartments destined for the rental market. Besides housing, the community will also include 7.600 sqm of landscaped spaces with private leisure amenities, together with a supermarket, convenience retail and restaurants that will service the entire Valdebebas area, revealed the American company in a release issued in February.
This transaction – now revealed by CBRE in its latest report on real estate investment in Spain – was carried out by fund Hines European Value Fund 2 and the complex’s development will be carried out by Acciona and it’s expected to be concluded in 2022.
«This transaction gives us an early entry into a nascent market in Spain benefiting from a demographic and lifestyle shift from home ownership to renting. At present, demand from the institutional investment community for well-located, high-quality purpose-built multifamily projects is significantly exceeding the volume of opportunities, so we are particularly pleased to have secured this asset», said Vanessa Gelado, Hines Spain Country Head.
«Our team in Spain have done a fantastic job in originating this market-leading value-add residential for-rent scheme in Madrid on an off-market basis for the fund. Once again, Hines is demonstrating the invaluable benefit of embedded local presence to secure major acquisitions in prime locations in Europe’s leading city markets», said Paul White, HEVF 2 fund manager.
For Acciona, «Valdebebas 125 is one of its largest build-to-rent operations to date», it can be read in the release it issued in March. «This deal represents a further step in the Acciona real estate division's policy of alliances with major firms in the industry».