With this investment, Spain should increase its housing offer in 1.500 new units, revealed newspaper El Economista this Thursday.
The first step to move forward with the strategy was already taken with Tectum’s purchase of a 5.200 sqm terrain in Villaverde, one of Madrid’s districts. The fund plans to develop a total of 250 new dwellings destined to affordable rental housing, in a total investment of 30 million euro, which should be on the market at the beginning of 2023.
«This is only the first operation we have planned throughout this year, during which we want to consolidate a new professionally managed housing portfolio, with added value services for the tenants and competitive rents», explained Andrés Horcajada, CEO and founding partner at Tectum, to the same newspaper. Other projects should be developed in the main Spanish provincial capitals.
«The public-private cooperation may be one of the key tools to fix, in the mid and long-term, the housing crisis», added Alejandra Mora, director of Investments at Tectum II.
This investment takes place after Tectum, together with Locare Real Estate, concluded the sale of a 919 unit affordable housing for rent portfolio in Madrid for 150 million euro to French management company AXA Investment Managers.