Tectum RE expects to spend €84M on build-to-rent in 2020

Tectum RE expects to spend €84M on build-to-rent in 2020

This number represents 35% of the amount made available to the fund Tectum II, which was announced by the company in June. Tectum II should have a total of 240 million euro available to invest on this segment, aiming at building a total 1.500 dwellings.

This information was advanced by Alejandra Mora, business and investments’ director at Tectum in an interview to daily newspaper Eje Prime, where she further informed that the company should conclude an operation to develop 100 dwellings within the Community of Madrid in the coming months, as well as one other project during the last quarter. Tectum has under its sights public protected areas, where it may possible to establish public-private partnerships to develop affordable housing dwellings.

It should be reminded that in June, Tectum had already advanced with the acquisition of a 5.200 sqm terrain in the Spanish capital’s Villaverde district, where it intends to build 250 dwellings for affordable housing. This project alone represents a total of 30 million euro.

For now, the Spanish capital – where it owns its 7 projects – has offered «operations with good returns», assured Alejandra Mora. But that has not stopped Tectum from looking for investment opportunities in other Spanish cities. Despite not having reached an agreement with the Barcelona municipality, there is still hope in the Basque country and in Navarre, since the conversations with the corresponding administrations continue. These «are two communities which have very advanced affordable housing policies», explained Alejandra Mora.

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