Primonial, a French firm focused on asset and property management, and Grupo Lar, a Spanish company with more than 50 years of experience in investing, developing and managing real estate assets, formed a joint venture to close this deal. Together they have reached an agreement with AEDAS HOMES to purchase five turnkey projects to be developed by the homebuilder.
This agreement with AEDAS Homes includes a total of 655 units of a product designed specifically for the rental market: modern, energy efficient buildings featuring well-designed common areas and comprehensive, professional management services. The five developments are scheduled to break ground in the coming months, with delivery starting to take place in 2022.
The deal comprises 5 developments on AEDAS Homes plots. By volume, the Valdemoro development in Madrid will be the largest, with 165 units, followed by Mislata in Valencia (149), Alicante (144), Patraix in Valencia (111) and Hospitalet de Llobregat in Barcelona (86).
David Martínez, CEO of AEDAS Homes, stated "This agreement with Grupo Lar and Primonial further consolidates our leading position in the residential development sector and cements our role as an industrial partner for turnkey developments for rental”.
The Grupo Lar/ Primonial platform has taken another step towards its stated objectives, that is, to develop a portfolio of 5,000 rental units for long-term management in Spain’s most important cities, representing nearly one billion euro in assets under management.
