CBRE Investment Management is investing €300m in Vía Célere, a  Spanish residential developer owned by Värde Partners.

CBRE IM, investing on behalf of its indirect private real estate division, has agreed to recapitalise Värde’s ownership stake in Vía Célere, a transaction valuing the Spanish residential developer at nearly €1bn.

Värde invested in Vía Célere in 2017, developing it into the largest Spanish homebuilder through a series of mergers and acquisitions. Vía Célere holds one of the largest landbanks in Spain, with the capacity to develop over 12,500 new homes across Madrid and other major cities.

Anthony Iannazzo, partner at Värde and non-executive member of the board of Vía Célere, said: “This recapitalisation by CBRE IM speaks to the strength of Vía Célere’s platform and its business plan. We are proud of what the company has achieved under Värde’s stewardship and the results we have been able to achieve for our investors.

“We believe Vía Célere is exceptionally well-positioned to continue delivering high-quality homes to an undersupplied market and that this will only be enhanced by CBRE IM’s commitment and expertise.”

Line Verroken, head of living investments, EMEA, CBRE IM indirect private real estate, said: “Vía Célere presents a compelling opportunity to access Spain’s residential sector through a best-in-class development platform supported by a deep land bank and strong forward business plan.

“The Spanish residential market demonstrates strong supply-demand dynamics, and we look forward to supporting Vía Célere’s growth and success in meeting the needs of this important market.”

Kilian Toms, managing director, real estate secondaries at CBRE IM, said: “We believe this is a compelling opportunity to deliver long-term value for our investors through a well-capitalised, scalable business with a proven track record, and look forward to executing the next phase of growth.”

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