Spanish residential developer Neinor Homes has sold a build-to-rent (BTR) affordable asset in Madrid to CBRE Investment Management for €25 mln.
With delivery scheduled for Q4 2023, Dual Homes is located in the El Cañaveral neighborhood, within the district of Vicálvaro in Madrid.
The complex will consist of two buildings and feature a total of 94 units: 11 one-bedroom apartments, 53 two-bedroom apartments, and 30 three-bedroom apartments.
Facilities planned include a swimming pool, solarium, multi-purpose rooms, 126 parking spaces and 52 storage rooms over two basement levels.
Designed with sustainable construction standards in mind, complying with the strict criteria of the EU Taxonomy, the asset has been assigned the EPC A label.
Borja García-Egotxeaga, CEO of Neinor Homes, commented: "This sale shows, once again, the appetite of international investors towards the Spanish living sector. In particular, the BTR segment is still an emerging asset class in a highly fragmented rental market, offering investors attractive organic and inorganic growth opportunities. Today, Neinor is one of the leading Spanish BTR platforms as we represent nearly 10% of all the new rental supply to be delivered in the next three years."
Jordi Argemí, deputy CEO and CFO, pointed out: "With this sale, we have recorded €175 mln in BTR asset sales in 2023, exceeding our annual targets by more than 50%. However, it is important to note that we are not only able to monetize our rental portfolio, but we are also maximizing its value by achieving very attractive margins, even above our core BTS business."
El Cañaveral is a newly developed area of Madrid currently undergoing consolidation and offers bus, metro, and train connections, and is also well-connected to the rest of the city via the M45, R-3, and M-50 highways.
Dual Homes is the fifth BTR sale in 2023, for a total of 693 BTR units generating over €175 mln in revenues.
Hacienda Homes (146 units), Lyra (93 units), Sky Homes (213 units), Europa Homes (146 units), and Dual Homes (94 units) account for around 30% of Neinor's total BTR portfolio.
Savills acted as an advisor to Neinor in the transaction.
