Norges Bank Investment Management and Azora are in exclusive negotiations to purchase a portfolio of 1,910 rental properties for around €510 million, according to a report by Expansión. The assets belong to the joint venture formed by Greystar and Vía Célere and are marketed under the Be Casa Essential brand.
The deal has not yet been finalised, although the start of exclusive talks puts the Norwegian sovereign wealth fund and the Spanish asset manager ahead of the other investors who had participated in the process. Grupo Lar, the German fund MEAG and the Canadian property firm Oxford Properties were among the bidders who submitted offers during earlier stages.
The portfolio comprises 18 newly built residential complexes with an occupancy rate of around 98%. Nine are located in the Community of Madrid, three in Seville and the remaining six are divided equally between Bilbao, Málaga and Valencia.
Greystar and Vía Célere commissioned Eastdil and JLL to find a buyer for the assets, for which they initially hoped to secure around €600 million. The initial bids stood at around €530 million, while negotiations with Norges and Azora are said to have reduced the figure to some €510 million, equivalent to around €267,000 per property.
The platform’s origins date back to 2023, when the two companies formed a joint venture to invest in the rental portfolio developed by the property developer. Greystar then acquired a 55% stake, while Vía Célere retained the remaining 45%, and the properties came under the management of Be Casa Essential.
The partnership initially comprised 2,425 homes and secured green financing of €197.5 million from CaixaBank for the acquisition and management of its projects. Be Casa Essential’s current offering is concentrated in Madrid, Málaga, Seville, Valencia and Vizcaya, comprising long-term rental homes with services and communal spaces.
If completed, the acquisition will mark Norges’ entry into the Spanish rental housing market, where Azora has experience as a residential property manager and investor. The Norwegian fund would also expand its exposure to the Spanish property market following its recent agreement, alongside Sonae Sierra, to purchase eight shopping centres valued at €1,500 million.
