Advisor CBRE has been mandated to test market appetite for the sale of the Nestar build-to-rent platform in Spain.
The Nestar portfolio, which includes over 9,500 homes largely located in the Madrid municipality, could fetch up to €1.8bn for its owners, CBRE IM, Madison International Realty, NN Group and Azora Capital.
First launched in 2004 by Azora, the platform saw the entry of CBRE IM as a majority investor back in 2018 and announced a major expansion programme in 2022. The portfolio was refinanced in late 2023 when it received a new €640m five-year loan from a consortium comprising Natixis Corporate & Investment Banking, Banco Santander, Crèdit Agricole, ING, Deutsche Bank and Banco Pichincha España.
CBRE IM declined to comment on the sale.
The news comes just a few months after Brookfield launched the sale of its Spanish Livensa student housing business in a deal said to be worth around €1.3bn. US firms KKR and Hines, Canadian pension fund CPP Investments and Global Student Accommodation are believed to have made offers for the platform which is being sold through Eastdil Secured, Morgan Stanley and Credit Agricole. Binding offers for Livensa are due in mid-May.
Also this week, UK property company LondonMetric agreed to buy Urban Logistics REIT in a deal valuing the firm at £699m while in the fund section, TPG Angelo Gordon closed its largest-evern European real estate fund. The TPG AG Europe Realty Fund IV secured $2.27bn (€2bn) in capital commitments, and an additional $214m in co-invest capital to invest alongside the fund.
The previous fund in the series, Fund III, closed in July 2020 after securing over $1.5bn in capital commitments, excluding co-investment capital.
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| Urban Logistics platform | logistics | UK | LondonMetric | Urban Logistics shareholders | NA | £699 (€812) | Following completion of the acquisition, existing LondonMetric shareholders would have 89% and Urban Logistics shareholders 11% of the enlarged issued share capital of LondonMetric. |
| Designer Outlet Berlin | retail | Berlin | Frey | McArthurGlen | 21,169 m2 | €230 | The deal marks the French firm’s entry into Germany. |
| Entrecampos office building | office | Lisbon | Banco de Portugal | Fidelidade | 32,000 m2 | €192 | The building will be the bank’s new head office in the city. |
| two UK retail parks | retail | UK | Realty Income | Tritax Group and Delancey | NA | £157 (€185) | The sale reflects a 6.45% yield. |
| Hu Eraclea Village | Venice | hotel | Hines, Clessidra | HU Holding | NA | €120 | The tourist village is due to open in 2027. |
| four assets | logistics | UK | Copley Point and Sixth Street | Barings | NA | £100 (€118) | The fully leased assets are located in Bristol, Daventry, Warrington and Nottingham. |
| office and retail development project | mixed | Espoo, Finland | Public Property Invest | HGR Property Partners Oy | 15,700 m2 | €79 | The property will accommodate the headquarters of Relex Solutions Oy, a grocery store, and a lunch restaurant. |
| Tipotie social and healthcare centre | alternative | Tampere, Finland | Nordisk Renting | City of Tampere | 13,467 m2 | €43 | The asset is fully leased to the Wellbeing Services County of Pirkanmaa under a 20-year lease agreement. |
| Falkenberg Tröinge 6:75 | logistics | Falkenberg, Sweden | SLP | Astoria Fastigheter | 38,000 m2 | €40 | The property will be entirely leased to Spped Logistics under a 12-year lease upon completion in 2026. |
| Corso Vercelli 30,32 | retail | Milan | Maghen Capital | NA | 5,000 m2 | €33 | The asset is fully occupied by the Coin department store. |
| BTR assets | living | Seville and Guadalajara, Spain | Round Hill Capital | Neinor Homes | 123 apartments | €25 | The sale follows the sale of another asset in Madrid earlier this year. |
| logistics asset | logistics | Salzgitter, Germany | Global Gate Capital | Fäth Group | 11,200 m2 | €19 | The property is leased to parcel service DPD. |
| development site | living | Padoa, Italy | Castello Sgr | Central Sicaf | 16,000 m2 | €9.2 | The area will be developed into student housing by Collegiate AC Europe. |
| majority stake in Sehlhall Fastigheter | living | Sweden | Nrep | Sehlhall Fastigheter’s shareholders | NA | NA | The goal is to develop a portfolio of 40 care and nursing home facilities, valued at around €700m. |
| Elements office development | office | Berlin | Tishman Speyer | Development Partner | 17,600 m2 | NA | The partially completed asset is mostly for office use, with 20% destined to house apartments. |
| transload facility | logistics | Tongeren, Belgium | Realterm | NA | 15,732 m2 | NA | Currently vacant and available for lease, the property is undergoing renovation works. |
| logistics platform | logistics | Mignières, France | La Française Real Estate Managers | Faubourg Promotion | 24,600 m2 | NA | The platform is fully leased to the PLG Group under a long-term lease. |
| Copenhagen Business Park | office | Copenhagen | Calum | Niam | 75,500 m2 | NA | Copenhagen Business Park is one of Denmark’s largest office buildings. |
| 105 homes | living | Harlow, UK | Long Harbour | Vistry Group | 105 homes | NA | The forward fund transaction is Long Harbour’s latest single-family housing (SFH) fund’s first deal. |
| Comèdia cinema building | alternative | Barcelona | Stoneweg | Pla and Planàs families | 6,700m2 | NA | The €100m project will transform the asset into the future home of the Carmen Thyssen Museum in Barcelona. |
| Dorset House at Stamford Street | office | London | Whitbread | Capital 38 | 90,000sqft | NA | The vacant building will be turned into a circa 400-bedroom hub by Premier Inn hotel. |
| Glynstell Park and Glossop Brook Business Park | logistics | Cardiff and Glossop, UK | Clearbell and Deva Capital | NA | 181,000sqft | NA | The new owners plan to upgrade the assets. |
| two care homes | living | Espoo and Lahti, Finland | Northern Horizon | eQ Community Properties Fund | 3,500 m2 | NA | The off-market, all-equity transaction marks the debut acquisition for the newly launched Aged Care and Social Infrastructure Fund. |
| residential development site | living | Madrid | Aviva Investors | NA | 207 units | NA | The project is expected to be completed by end-2027. |
| Ferrer Skyline hotel | hotel | Menorca, Spain | Azora | Urban Input | 19,000 m2 | NA | The 163-flat aparthotel has a value of €54m. |
| Bext Vallecas | living | Madrid | GMP | M&G Investment and Stoneweg Spain | 14,800 m2 | NA | GMP is entering the flex living sector with this acquisition. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| Nestar platform | living | Spain | Cbre IM, Madison, NN Group and Azora | 9,100 homes | €1800 | CBRE | Most of the assets are located in Madrid and Barcelona. |
| Camden Yard site | development | Dublin | Grant Thornton | NA | €90 | Eastdil, CBRE, JLL and Savills | Camden Yard was put into receivership in December. |
| Project Abbey | hotel | Ireland | NA | 217 rooms | €50 | JLL | The sale involves the Kilkenny Ormonde Hotel and the Absolute Hotel in Limerick as well as the 725-space Ormonde Street Car Park in central Kilkenny. |
| Elisé | office | Düsseldorf | La Française | 8,000m2 | €40+ | NA | The asset is fully let to city administration. |
| retail and leisure units at Goodmans Fields | mixed | London | Berkeley Capital | 1,000,000sqft | £16 (€19) | CBRE and GCW | The sale reflects a net initial yield of 7.75%. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| Bond investors | Aroundtown | Unsecured | €750 | The company issued a 5-year senior unsecured bond and launched a tender offer to buyback certain bond series targeting over €2bn. |
| Starhotels | BNL BNP, BPER, Banco BPM, Crédit Agricole, MPS and Unicredit. | Hotel portfolio | €350 | The 10-year loan refinances an existing €460m facility due in 2027. |
| VIVID Housing | Venn | UK home portfolio | £200 (€236) | The loan was issued via the UK government-backed affordable housing lending scheme, managed by Venn as part of a Venn newly launched bond series. |
| Société Générale and Crédit Agricole | Præmia Healthcare | Unsecured | €190 | The new loan fully refinances credit lines due in 2025. It includes a €100m private placement with a 10-year maturity and a €90m corporate financing line. |
| BNP Paribas Bank, mBank and Santander Bank | NOHO Warszawa | Warsaw resi project | €182 | The building will provide 280 apartments across three buildings. |
| Nordea | eQ Group | Nordic resi portfolio | €160 | The refinancing is used to restructured the group’s residential portfolio. |
| Quebec Deposit & Investment Fund and the Greater Manchester Pension Fund | Salboy, Relentless Developments | Manchester St Michael’s | £127.5 (€150) | The loan will finance the second phase of development comprising 217 flats, a 162-bedroom hotel and over 75,000sqft of grade A office space. |
| bdht | Natwest | Portfolio | £100 (€118) | The facility consists of a £40m fixed-term, loan-linked ISDA that is split into three tranches with tenures of 10-15 years. There are also two Revolving Credit Facilities (RCFs) of £40m over 7 years and £20m over 10 years. |
| Puma Property Finance | Kier Property | Logistics City mk | £21 (€25) | The funding will be used to develop a 125,647sqft Grade A industrial facility known as ‘Logistics City MK’. |
| Bank Pekao | Hillwood Polska | Hillwood Łódź Górna industrial park | €17 | The financing will support the second phase of the development project. |
| Octopus Real Estate | Burghley Care | care home in Hipperholme, West Yorkshire | £14.5 (€17) | The development is expected to reach practical completion in August 2026. |
| OakNorth and ASK | Capilon | Earls Court Edwin hotel | £13 (€15) | The funding will be used to renovate the hotel. |
| Hilco Real Estate Finance | Legacie | X1 The Platform in Liverpool | £11.5 (€13.5) | The bridging loan has a term of 12 months. |
| NIBC | CVC DIF | two PBSA assets in Edinburgh and Glasgow | NA | The acquisition marks a strategic expansion of CVC DIF’s student accommodation platform, Ottoway Portfolio Holdings. |
| Virgin Money | Pigeon | Development in Cheshunt, Hertfordshire. | NA | The green loan will fund the development of a new 86,316sqft industrial warehouse and office space in Cheshunt, Hertfordshire. |
| Firma Partners | Tribeca Holdings | 90 Sloane Avenue | NA | The loan will support a transformation of the site into a six-storey luxury residential scheme with a flagship retail unit on the ground floor. |
| Funds on the market | |||
|---|---|---|---|
| Firm | Fund | Strategy | Details |
| TPG Angelo Gordon | TPG AG Europe Realty Fund IV | Investing in all property types in UK, Western Europe and the Nordics. | TPG Angelo Gordon has closed on $2.27bn of capital commitments for its European real estate strategy. |
