Vía Célere will launch one of the largest Build to Rent portfolios in Spain, with 2.431 dwellings, following its business diversification strategy. The company will thus extend its activity incorporating this segment into its business model, which also includes selling dwellings and divesting terrains.
This portfolio will reach, once finalised, a market value between 450 and 500 million euro depending on the divestment date. The developer, which has more than 21.000 units in the Spanish market, will use more than 10% of its current terrains for its rental business. Thus, it will spread these dwellings across five privileged municipalities: Madrid (997), Valencia (533), Seville (419), Malaga (323) and Baracaldo (159).
The company delivered 1.932 units last year and it has already sold 78% of the units to be delivered in 2021. Currently, Vía Célere has a portfolio with more than 4.700 dwellings for sale and a further 3.400 under construction. The latter will also be rented, which makes the number increase to 6.000 assets under construction.
«Build to Rent is key for the sector and it allows us to expand our client base and reach those who cannot or do not want to buy a house at a given moment in time. Our portfolio has spiked a great interest amongst institutional investors, especially those seeking long-term profit, quality liquid assets and premium locations», said José Ignacio Morales, the developer’s managing director.
«We are very happy at Vía Célere to be able to launch this great rental portfolio on which we will apply very high sustainability and energy efficiency standards», he added.