US landlord Greystar has entered the Spanish residential market with the acquisition of a 100-unit apartment complex at one of Madrid's most prestigious addresses.
The block at 48 Gran Vía comprises residential properties of between one and four bedrooms, along with a gym and swimming pool overlooking the city's skyline.
Financial details were not disclosed.
Juan Manual Acosta, managing director of Greystar Spain, said: 'We are very pleased to approach the PRS market in Spain, where we believe there are many attractive investment opportunities. We are currently analysing a strong pipeline in both PRS and PBSA segments.'
Jones Day advised Greystar on legal issues, along with PWC as tax advisor, Knight Frank as commercial advisor and Arcadis as technical advisor.
Greystar, which has more than $33 bn (€29.3 bn) of assets under management globally, has been gaining significant ground in the PRS market in Europe in recent months. The company has been tipped as a potential buyer of the 300-unit residential tower being developed in Madrid by Swiss firm Stoneweg, which is expected to fetch a price in the region of €130 mln.
Two years ago Greystar acquired RESA, Spain's largest student accommodation provider, which currently manages nearly 10,000 beds in 17 cities across the country. Its pipeline includes four projects with a total of 1,000 beds in Madrid, Malanga and Pamplona.
