DWS, Deutsche Bank's fund manager, has purchased 1,763 build-to-rent homes from Culmia, the developer of the Oaktree fund, under Plan Vive, the urban plan for rental housing promoted by the Community of Madrid. The transaction has been closed for 250 million euros, according to Expansión.
Specifically, the 1,763 homes acquired by the German management company are distributed among a dozen developments located in the Madrid municipalities of Alcalá de Henares, Alcorcón, Getafe, San Sebastián de los Reyes and Tres Cantos.
This is the third batch of the first phase of the Plan Vive, which the developer Culmia was awarded together with the companies Avintia and Sogeviso. With this transaction DWS has doubled its portfolio of homes for rent in Spain, which until now amounted to some 1,500 units.
The purchase of these 1,763 homes by DWS represents the largest transaction by number of units in the Spanish build to rent market, surpassing the acquisition of 1,500 homes by the German fund Patrizia from Becorp just a year ago.
In parallel to its commitment to Spanish residential rental property, DWS has been divesting in other sectors of the Spanish market in recent months. In September, the management company sold to Cbre IM two logistics assets in Torrejón de Ardoz and Meco, both in Madrid, with a gross leasable area of 67,859 square metres.
A few days later, DWS closed the sale to Franklin Templeton of an office building located at 2-6 Avinguda Josep Tarradellas in Barcelona, near Sants station, for 96 million euros.