Dutch real estate company Ten Brinke landed the build to rent business in Spain. The company bought a plot of land in Valdemoro (Madrid) and another in the city of Murcia for more than 65 million euro to develop around 400 dwellings in total.
In Valdemoro, the company bought a 9.500 sqm parcel, where it will build a development with 160 1 and 2 bedroom accommodation units, of which 21 will benefit from a private garden. The project will also feature common areas, playground, swimming pool and open-air sports court.
In Murcia, Ten Brinke purchased a terrain at Avenida de Juan Carlos I, with almost 4.000 sqm. The project will have 216 dwellings all with terraces, playgrounds, swimming pool and green areas. The developer expects to start the construction works very soon.
These operations integrate the company’s strategy to reach a 1.000 dwelling portfolio by the end of the year. In order to reach it, the company is about to close the purchase of more terrains in other cities such as Valencia, Seville, Bilbao, Barcelona and Malaga, for an additional 80 million euro investment during 2021.
The company invested on build to rent, because it considers it is «a macro trend which has come to stay in Spain».
Group Ten Brinke, headquartered in Holland, has already housing and tertiary projects under way in Holland, Germany, Spain, Greece and Portugal. The company has 1.000 employees and a yearly revenue of more than 950 million euro.