Nuveen Real Estate and Iberian property developer Kronos are investing €150m on behalf of their Spanish build-to-rent (BTR) homes venture.

The companies said they have acquired two plots of land in Madrid to build 810 homes, which will be managed by their BTR platform STAY.

The total investment undertaken through this transaction totals €150m and the completed homes are expected to hit the market in 2023.

These two new projects in Madrid are in addition to the five that were announced in September 2020, located in Madrid, Valencia, Tarragon and Cordoba, valued at a combined €250m.

In total, the joint venture, which was created in September last year, expects to invest €1bn to develop a 5,000-unit portfolio of BTR across Spain.

Marta Cladera de Codina, managing director at Nuveen Real Estate Iberia, said: “We are very pleased with this acquisition, which significantly increases our project portfolio. We are making excellent progress in creating what will undoubtedly be one of Spain’s major BTR platforms.”

Saïd Hejal, CEO of Kronos, said: “We are very pleased to be able to expand our footprint in Madrid through STAY, an innovative project based on design, technology and wellbeing which will meet the needs of a new generation of tenants.”

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