The joint venture between DeA Capital, the investment holding company of the Italian group De Agostini, and the US fund Harrison Street has acquired a 284-unit building in Alicante that will be used for rental housing, according to a statement issued by the group.
This acquisition is in addition to the one closed last July in which the joint venture acquired a 146-unit residential rental property from Neinor Homes. The transaction included the agreement that the developer will maintain the management of the asset for the next year through its subsidiary, Renta Garantizada.
The new building in Alicante is located in the Benissaudet neighbourhood and DeA Capital and Harrison Street have announced that they will carry out a repositioning of the asset, which will be divided into two phases and will be completed in the last quarter of 2025.
The acquisition expands the portfolio of the Harrison Street and DeA Capital partnership, which will operate under the Lavidda name. Since its inception last year, Lavidda currently manages eight projects for a total of 1,634 homes, including seven projects under development and one in operation. As the brand continues to expand, it is expected to manage 3,000 homes by 2025.
Paul Bashir, managing director of Harrison Street's European business, said: "We have worked with DeA Capital to expand our presence and identify attractive BTR properties in key metropolitan areas with significant growth potential. We look forward to continuing to identify high quality rental housing in key European markets with strong supply and demand fundamentals and to working with our partners to address the growing need for quality housing across the region".
Koldo Ibarra, Managing Director of DeA Capital Real Estate Iberia, commented, "It is ingrained in DeA Capital's DNA to foster long-lasting relationships with our partners; we second expert teams to our joint ventures that manage ESG deals and excel in technical quality".