A joint venture of Spanish Grupo Lar and France’s Primonial has agreed the acquistion of a 1,574 m2 plot in Murcia, Spain for the development of a 100,000-m2 build-to-rent project.
Grupo Lar and Primonial said that they plan to develop 135 rental home on the site, in their first operation in the Spanish city. The deal enables the Grupo Lar/ Primonial venture to take another step towards its stated objective of developing 5,000 rental units for long-term management in Spain’s most important cities. The platform is targeting nearly €1 bn in assets under management in total.
The two partners also own development sites in Valladolid, Madrid (Parla, Móstoles and Valdemoro), Valencia (Mislata and Patraix), Alicante and Barcelona (Hospitalet de Llobregat).
The project in Murcia is expected to be completed by the end of 2023.
‘The region's population has grown by 28.6% since 2000 and its GDP has practically doubled in the same period. This, combined with a scarcity of supply practically entirely in the hands of individuals, make Murcia another very attractive place to develop this type of housing,’ commented Jorge Pereda of Grupo Lar.
‘We believe that the Build to Rent segment is an unstoppable trend for both social and economic reasons, and that is why at Grupo Lar we have been betting on it since 2019,’ he added.
