AQ Acentor sells a BTR project in Valencia to Catella for €66M

AQ Acentor sells a BTR project in Valencia to Catella for €66M

AQ Acentor has agreed to sell Catella AM two residential buildings within the AQ Turianova project that the promoter is developing in Valencia.

The promotion, baptized Alfambra, has 281 homes for rent, with one to four bedrooms, a garage and a storage room, as well as common areas with gardens, paddle tennis courts and a swimming pool.

The operation, in which AQ Acentor has been advised by Colliers and the Uría Menéndez law firm, involves a disbursement by Catella of 66 million euros. According to the agreement, AQ Acentor will assume the commercialization of the houses, which already have a first occupation license (LPO).

In total, Aquila Capital develops more than half of the 2,300 homes that will make up the new neighborhood of Turianova in the city of Turia. Specifically, the development carried out by AQ totals 1,230 units, in 380,000 square meters: 20% will go to build to rent, 40% to protected housing and 40% to free sale. The new neighborhood includes the promotion of a shopping center and large sports areas, with a total investment of 700 million euros.

The project covers an area of ​​around 380,000 sqm in the vicinity of the La Nueva Fe hospital and will add a large urban retail park, Infinity, also developed by AQ Acentor, in addition to other services.

The new neighbourhood, whose urbanization work is practically completed, will include a bike lane of about three kilometers and improved connections with the rest of the city through the new Malilla bridge, as well as the creation of a new access from the V- 30. Likewise, it will incorporate more than 65,000 sqm of green areas distributed in such a way that they intersperse and provide service to all residential areas, in addition to the installation of nearly 40,000 sqm of areas with educational-cultural, recreational, sports and leisure facilities.

"AQ Turianova is one of AQ Acentor's most ambitious projects to date. Both in terms of volume of homes and also because of Infinity and the urbanization work. It is an example of urban regeneration where we are committed to improving a capital like Valencia" , assures Raúl Moreno, director of development of the promoter.

According to Antonio de la Fuente, managing director of corporate finance at Colliers and adviser on the operation, "this transaction is the most relevant of those closed in Valencia to date, due to investment volume and number of homes, and allows the city to be del Turia in the top positions of residential investment in Spain and at the level of many other comparable European cities".

With this operation, AQ Acentor has already closed 10 turnkey sales agreements for build-to-rent residential projects for an amount of more than 300 million euros. In addition, it is the second that it signs with Catella AM Iberia, since, in 2019, they agreed to the sale of a residential building for rent with 171 homes located in Villaverde (Madrid).

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