Metrovacesa invests €100M to develop 700 ‘build-to-rent’ apartments

Metrovacesa invests €100M to develop 700 ‘build-to-rent’ apartments

The promoter has announced that it will invest one hundred million euros to build seven new developments in Madrid, Valencia, Palma de Mallorca, Manresa (Barcelona) and Arganda del Rey (Madrid).

The German fund AEW has acquired four promotions, totaling 542 homes. Sanitas has also acquired 98 build to rent homes in Manresa, which it will convert into a residence for the elderly. According to the developer, the 700 homes are expected to be delivered before the end of 2023.

As for the development in Arganda del Rey, it is a project of 120 homes already delivered that the company has sold to Ares Management.

Metrovacesa has been very active in recent weeks. At the end of November, the developer announced an investment of 22.8 million euros in the development of 108 homes in its Residencial Kilimanjaro development, south of Seville.

This development joins others that the real estate agency has developed in this area within its Isla Natura project, such as Residencial Mulhacén (46 multi-family homes), Villas del Volga (47 semi-detached single-family homes), Residencial Mont Blanc (108 multi-family homes) and Villas del Nile (33 semi-detached single-family homes).

Likewise, for the full development of the Isla Natura project, Metrovacesa will invest more than 400 million euros, a figure that underlines the strong economic and employment generation for the city that it will bring, and will progressively add a total of 2,189 homes, of which which 611 will be with public protection.

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