Gesfesa buys land in Valencia for build to rent project

Gesfesa buys land in Valencia for build to rent project

The Valencian developer Gesfesa has acquired a plot of land in the Ruzafa neighborhood, specifically at number 18 Buenos Aires street, one of the most valuable areas in the center of Valencia.

The operation that was closed last Tuesday, March 9, for an amount of around half a million euros, has been mediated by the Valencian startup Landex Proptech, which is currently negotiating offers signed for residential lots in Spain for an amount of 3.5 millions of euros.

The urban residential plot has a buildable area of 823 square meters and could be used for the "Build to Rent" business, according to the Valencia Plaza newspaper.

Last year, build to rent operations exceeded 1,400 million euros in Spain, which involved the construction of around 6,000 homes. Regarding the origin of this amount, 32% of the investment in BTR corresponded to investment funds, followed by promoters (16%), institutional funds (14%) and Socimis (13%).

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