Greystar has purchased a Build to Rent residential asset in the center of Madrid, in the Arganzuela district, from Acciona. According to El Confidencial, the transaction was reportedly completed for 120 million euros.
The 24.795 sqm buildable plot is expected to start construction in the second half of 2022. The building, 13 stories high, has been designed by the architectural firm L35 and will have 455 one- and two-bedroom apartments.
In addition to a privileged location in the center of Madrid, just a 15-minute walk from Atocha Station or the Reina Sofia and Prado Museums and very close to the M-30, the asset will feature common areas, including a large lobby/lounge, gym, coworking spaces, movie theaters, play and dining areas for residents, a communal terrace, children's play area, swimming pool and 455 storage and parking spaces.
Once completed, the asset is expected to form part of the growing portfolio of Greystar's new pan-European value-add strategy, which was announced in June 2021, with capital commitments of 725 million euros at its first closing. The strategy has already closed investments in Ireland, the UK and the Netherlands, and will continue to grow across Greystar's seven European markets.
«This transaction not only reflects our growing commitment to the dynamic rental segment, but also extends our commitment to the Spanish market», said Juan Manuel Acosta, managing director of Greystar in Spain.
Greystar has other Build to Rent projects in the Madrid metropolitan area and currently has a total of 2.500 units in Spain. Internationally, it has investment vehicles with approximately 45.100 million dollars in assets under management.
In this transaction, the company has been advised by Jones Day, PwC and Knight Frank.