Pictet Alternative Advisors has teamed up with Spanish property investment company Lasabia to set up a build-to-rent venture in Madrid.
The Pictet-Lasabia joint venture expects to have several hundred units under management in the next few years, the companies said.
Pablo Granel, the head of real estate for Spain and Portugal at Pictet Alternative Advisors, said: “We are keen to increase our exposure to the residential rental market. Despite the competition, we believe there are still opportunities for adding value and creating a differentiated platform.
“It’s a sector in which quality product is in short supply and in which the demand from institutional investors has grown very markedly. Our joint venture with Lasabia is the first step.”
Carlos González-Weil, the CEO of Lasabia, said the joint venture intends “to offer the growing rental market a singular product, located in well-established urban environments and conceived on the basis of the creation of optimal, creative and efficient spatial designs”.
Savills Aguirre Newman, Uría Menéndez, Grant Thornton and Pérez-Llorca acted as advisers to the venture.
Beatriz Barco, manager of strategic consultancy with Savills Aguirre Newman, said: “We are seeing more and more development of partnerships like this one, in which a developer and an investor, each highly experienced in their respective areas, share the same vision and values.
“It’s a formula that allows synergies between the financial and real estate sectors to be maximised and also contributes to the professionalisation of the sector.”
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