Nuveen Real Estate and Kronos have closed the purchase of two plots of land in Madrid. The operation will allow the construction of 810 homes that will be added to Stay, the Build-To-Rent platform that both companies have launched in September 2020.
The total investment of this new transaction will be 150 million euros. It is expected that the units will be marketed in 2023.
«We are very satisfied with this acquisition, which contributes significantly to increasing our portfolio of projects. We are making excellent progress in the creation of what will undoubtedly be one of the main platforms dedicated to BTR in Spain», declared Marta Cladera de Codina, managing director for Iberia at Nuveen Real Estate.
These two new projects in Madrid will be added to the five announced in September, located in Madrid, Valencia, Tarragona and Córdoba, with a value of 250 million. Thus, the joint venture between Nuveen and Kronos already has 2.200 units.