This is already considered to be the largest build-to-rent operation ever to be carried out in Spain. This is a three-part operation since these dwellings were built on terrains located in Getafe and in the Ensanche de Vallecas, which the developer acquired from Mapfre. Gestilar will build the dwellings and rent them to funds managed by DWS.
Of the more than 1.100 dwellings built in these terrains, around 750 are located in Getafe and almost 400 in the PAU de Vallecas and are expected to be delivered by the end of 2023.
The buildings will feature 1, 2 and 3 bedroom apartments, with swimming pool, gym, co-working areas, communal areas and chill-out areas.
Gestilar informed it will continue seeking alliances so as to keep growing within the build-to-rent market, although it assures the developer’s core business remains the development for sale.
Besides this deal with DWS, Gestilar concluded another operation with this developer for the construction of more than 200 dwellings in the Barcelona metropolitan area and it also signed a deal with Aberdeen for the development of 50 houses in Pozuelo de Alarcón (Madrid).