Savills Investment Management and Greystar are investing €150m through a newly created partnership to own a 455-home rental residential asset in Spain developed by Acciona.
Savills IM said it will acquire a majority stake in the Méndez Alvaro asset from Greystar to create the partnership that will manage the property at Calle de Leganés 11 in Arganzuela.
The latest deal gives Savills IM a portfolio of nearly 1,000 rental properties in the Spanish market. Earlier in 2023, the company invested €66m to acquire two properties in Valencia’s Sky Homes project from Neinor Homes.
Fernando Ramírez de Haro, MD of Spain & Portugal at Savills IM, said: “This transaction strengthens our Spanish build-to-rent portfolio, a segment which offers significant growth opportunities due to the persistent imbalance between supply and demand in the local market, especially in large urban areas.
“Madrid is one of the European cities with the greatest potential for long-term sustainable value creation for our investors in the residential segment.”
Rafael Fernandez-Villaverde, MD of Greystar Spain, said: “We are very pleased to have been able to work with Acciona to continue to offer new housing solutions for the Spanish real estate market. Since we began operating in Spain, we have maintained a solid investment strategy in a market that we consider having great potential.
“This investment strategy demonstrates our commitment to the Spanish market, where we continue to grow with a clear roadmap for medium and long-term development.”
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