Spanish real estate manager Ádsolum has closed the purchase of its first two plots of land in Barcelona, Spain for €40 mln.

Adsolum

Adsolum

The acquisition is part of a new vehicle focused on build to rent (BTR) and the project foresees the construction of 150 rental homes.

One of the plots in Cornellà de Llobregat (9 km from Barcelona city centre) will provide 125 homes and commercial premises. Work is scheduled to begin at the end of 2023 with handover slated for the summer of 2025.

The other site is a 2,500 m2 development located in the Sants-Montjuïc district of Barcelona, which will have 25 free-standing homes and is scheduled for completion in July 2026.

Ádsolum CEO, Ignacio Ramírez, said: ‘At Ádsolum we are really pleased to formalise these two operations which, although they are in addition to the 30 developments we already have underway with more than 1,300 new homes, represent the launch of our first BTR vehicle. The closing of these transactions confirms that we are making steady progress in our business model, based on a new way of managing property development. We want to offer investors to be part of an innovative project that will allow them to obtain attractive returns, managing real estate projects in a profitable and renewed way.’

BTR is one of Ádsolum's key segments aiming to respond to the structural deficit in the Spanish residential sector.