Metrovacesa has reached an agreement with Magno Living, a joint venture between the US fund Harrison Street and the Italian management company DeA Capital, for the purchase of 172 rental homes in the Seville municipality of Dos Hermanas.
Specifically, the Spanish developer will develop a turnkey project for Magno Living with two different residential developments. The first of these, Hespérides III, will have 86 units of between two and three bedrooms, distributed over nine floors and will be equipped with a swimming pool, landscaped communal areas, storage rooms and parking spaces.
On the other hand, Metrovacesa will develop a second development for Magno Living, Hespérides IV, with 86 two- and three-bedroom homes, parking spaces, storage rooms and will also have a swimming pool and landscaped communal areas.
With this operation, Magno Living strengthens its position in this area, where it recently purchased land to build 297 homes, which it hopes to integrate with the units developed by Metrovacesa to create a new community of more than 1,200 tenants.
The alliance between Harrison Street and DeA Capital was born with the objective of boosting residential rental in Spain, through the development of a portfolio of 5,000 homes in five years. Together, the Harrison Street and DeACapital vehicle will invest close to €1.2 billion to build a large portfolio of quality homes in the rental market.
"Thanks to this agreement we continue to advance Metrovacesa's commitment to respond to the different profiles of current demand in the real estate market, in different locations and with high quality standards," explains Jorge Pérez de Leza, CEO of Metrovacesa.