The build to rent project will be divided between the Moreras Torre building, which will have 155 units spread across 21 floors, and another 51 dwelling residential set spread across 11 floors. Both will have swimming pool and a multipurpose room and Moreras will also feature a paddle tennis court. Construction works are expected to be concluded in 2023.
This new agreement reinforces and consolidates Metrovacesa's strategy in turnkey rental housing and joins seven other projects of the same type previously achieved with other institutional investors, which now total 703 homes.
In addition, this operation highlights the strength of its broad and diversified land portfolio to respond to the needs of the current market. The first of these seven projects was delivered a few months ago in Arganda del Rey (Madrid) and the homes included in the rest of the agreements are currently under development, in various locations such as Madrid, Barcelona, Mallorca and, now, Valencia.
It should also be noted that this is the second agreement with these characteristics that Metrovacesa signs with AEW. Last October, the developer agreed to the turnkey development for this investment firm of 203 homes for rent in Palma de Mallorca, which are currently in the construction phase and whose works will end in 2023.
The operation was adviced by TC Gabinete Inmobiliario.
Investor interest in new locations
Specialized rental operators are becoming a new target client for developers that have quality assets and capabilities for the development of large turnkey projects, such as Metrovacesa.
In this sense, the closing of this new operation confirms the trend that has been observed in recent months regarding investor interest in expanding the focus to other places, beyond Madrid or Barcelona.
Jorge Pérez de Leza, CEO of Metrovacesa, stated: “this agreement reinforces our activity in the Build to Rent segment, and renews the trust placed by institutional investors in our promotions. With this type of operations, one of the main strengths of Metrovacesa is revealed, which is our ability to serve different demand profiles in the real estate market, and in different locations, developing attractive, high-quality developments in a manner consistent with our social values and respect for the environment. "