Living sector real estate investor Greystar has bought a development site in Spain for 458 apartments and secured a €56.1m construction loan from Eldridge Real Estate Credit for the project.
Greystar said it has acquired the development site in Madrid from Bermejo & Williamson Real Estate, without disclosing the purchase price.
The apartment project, located in Boadilla del Monte is expected to be completed in 2027. The project expands Greystar’s Be Casa brand, which includes locations in Barcelona and Bilbao, and comprises a portfolio of over 5,000 furnished apartments, including those under development.
Rafael Fernandez Villaverde, MD – Spain, at Greystar, said: “Be Casa Boadilla will be our fifth flexible-living community in Madrid, and follows the expansion of the Be Casa brand to two new cities.
“Our aim is to offer young professionals, families and students a flexible housing solution with good transport links with a range of amenities that enable residents to lead a healthy lifestyle and encourage community.”
John Cole, global head of real estate credit, Eldridge Capital Management, said: “This development will allow more renters in Madrid to access Be Casa’s compelling housing solutions, offering them high-quality designs that are both convenient and affordable.
“As Madrid continues to experience significant rental growth and a shift towards innovative housing, this project is well-positioned to deliver strong results. Be Casa is the largest provider of flexible living in Spain, with more than 5,000 fully furnished apartments, including its steady pipeline.”
To read the latest IPE Real Assets magazine click here.
