Global real estate investment manager Nuveen Real Estate, alongside Spain and Portugal-focused property investor-developer Kronos, has completed the purchase of two plots of land in Madrid.
The transaction will enable the companies to build 810 homes, which will be managed by Stay, the Spanish build-to-rent (BTR) platform launched by the two companies in September 2020.
The total investment undertaken through the transaction totals €150 mln and the completed homes are expected to hit the market in 2023.
Marta Cladera de Codina, managing director at Nuveen Real Estate Iberia, said: 'We are very pleased with this acquisition, which significantly increases our project portfolio. We are making excellent progress in creating what will undoubtedly be one of Spain’s major BTR platforms.'
These latest schemes in Madrid are in addition to the five that were announced in September 2020, located in Madrid, Valencia, Tarragon and Cordoba, valued at a combined €250 mln.
Saïd Hejal, CEO of Kronos, said: 'We are very pleased to be able to expand our footprint in Madrid through Stay, an innovative project based on design, technology and wellbeing which will meet the needs of a new generation of tenants.'
In total, the joint venture between Nuveen and Kronos now has 2,200 homes in the pipeline, meaning that in just six months it has already exceeded 44% of its target – to build a portfolio of 5,000 homes within five years.
The portfolio will be managed by Stay, which focuses on delivering BREEAM-certified new-build properties with premium services.
