Savills IM and Greystar have teamed up on the acquisition of a 455-home rental residential asset in Madrid for around €150 mln.
Located at Calle de Leganés 11 near Atocha railway station, the asset was developed by Acciona and will operate under Greystar’s new Nera Living brand. It comprises 455 rental apartments, including studios, one-bedroom and two-bedroom apartments, over 13 floors.
Following this transaction, Savills IM will manage a portfolio of almost 1,000 rental properties in the Spanish market. In 2023, the company also acquired two properties in the Sky Homes project in Valencia from Neinor Homes for an investment of €66 mln.
The Madrid asset comprises more than 28,000 m2 of floor space, of which more than 21,000 m2 is taken up by the 455 homes that make up the property. The remaining 7,000 m2 is distributed across a broad variety of communal spaces, including a swimming pool, a coworking area, a cinema, a games area, green spaces and a fully equipped gym.
The first tenants are expected to move in from January 2025.
Fernando Ramírez de Haro, managing director Spain & Portugal at Savills Investment Management, said: ‘This transaction strengthens our Spanish build-to-rent portfolio, a segment which offers significant growth opportunities due to the persistent imbalance between supply and demand in the local market, especially in large urban areas. Madrid is one of the European cities with the greatest potential for long-term sustainable value creation for our investors in the residential segment.’
Rafael Fernandez-Villaverde, managing director of Greystar Spain, said: ‘We are very pleased to have been able to work with Acciona to continue to offer new housing solutions for the Spanish real estate market. Since we began operating in Spain, we have maintained a solid investment strategy in a market that we consider having great potential. This investment strategy demonstrates our commitment to the Spanish market, where we continue to grow with a clear roadmap for medium and long-term development.’
