Greystar and Vía Célere raise €200M to finance their BTR portfolio

Greystar and Vía Célere raise €200M to finance their BTR portfolio

CaixaBank has signed a green financing agreement with Greystar and Vía Célere for a total of €197.5 million. This agreement is for the acquisition and management of 22 Built To Rent residential developments in high-demand areas of Madrid, Malaga, Seville, Valencia and Bilbao. The financing will be extended for seven years and the agreement includes a hedge to protect against the possible rise in interest rates during this period.

This is the largest green real estate loan granted by CaixaBank this year, in compliance with the Green Lending Principles established by the Loan Market Association (LMA), which means it focuses on sustainable building and energy efficiency categories. CaixaBank's legal advice on this transaction was provided by DLA Piper. In 2022, CaixaBank granted a total of €8,074 million in green financing, of which 43.7% (€3,532 million) went to real estate projects.

Be Casa Essential, the new rental portfolio of Greystar and Vía Célere

The joint venture owns a total of 22 buildings located in areas with high rental demand, such as Malaga, Seville, Valencia and Bilbao. Currently, 88% of the developments are under construction and 66% will be delivered during 2023; the remainder are expected to be completed between 2024 and 2025. Each of these buildings will have BREEAM and Energy Efficiency Certificates at A and B levels.

The new rental portfolio will be called "Be Casa Essential" and will offer one- to three-bedroom homes at affordable prices. This brand will focus on purpose-designed rental homes and will feature a range of communal areas and amenities for tenants, such as gyms, shared workspaces, social clubs and communal swimming pools.

"Be Casa Essential" is the result of the spin-off of the "Be Casa" brand, owned by Greystar, which already operates a portfolio of 2,500 flex living flats in Spain. The transaction was advised by Jones Day as joint venture advisor.

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