Greystar has set up a partnership with residential property developer Vía Célere to acquire a portfolio of 2,425 rental housing units in Spain.
Greystar, through its pan-European value-add residential real estate fund, has created the joint venture to buy the portfolio from Vía Célere.
The forward purchase transaction comprises 12 projects located in Madrid, Malaga, Valencia, Seville and Bilbao.
The Greystar Equity Partners Europe I fund will hold a 55% stake in the portfolio alongside Vía Célere’s 45% stake in the portfolio which will be operated under Greystar’s Be Casa Essential brand.
Greystar said 80% of the units are already under construction.
Juan Manuel Acosta, Greystar’s managing director for Spain, said: “This transaction is another example of our firm’s expertise in evaluating and structuring deals that align with our investment objectives, while also meeting the needs of our partners and clients.
“By tailoring our investment approach to the specific needs of each opportunity, we are able to structure deals that have the potential to generate superior returns for our investors.”
José Ignacio Morales Plaza, Vía Célere’s CEO, said: “This agreement is a milestone in the real estate sector in Spain and a step forward in the development and management of build-to-rent in the country.
“We are very satisfied with the partnership we have created with Greystar and are confident that we will achieve results that will validate our decision to create a best-in-class build-to-rent portfolio.”
To read the latest edition of the latest IPE Real Assets magazine click here.