Patrizia buys BeCorp's residential portfolio for €600M

Patrizia buys BeCorp's residential portfolio for €600M
One of Becorp's development in Barcelona

Patrizia raises the bid for the residential for rent and closes a mega operation with the purchase from the Catalan developer BeCorp of a portfolio of 1,500 rental homes for around 600 million euros, according to Expansión.

The operation will include developments that have already been completed, as well as others under construction that will be operational in the coming years –a formula known in real estate jargon by the acronym BTR (build to rent)–, located in Barcelona and in different municipalities along with the Catalan capital.

This transaction has been under negotiation for many months and, as this newspaper revealed last October, it initially included a perimeter of more than 2,000 flats, which has been reduced in terms of volume in the final stages of the agreement. Before Patrizia, among the investors who analyzed this portfolio was CBRE IM.

Caixa-Bank appears as the financial institution for the operation, while the advisors for the transaction have been Cuatrecasas, EY and Arcadis.

This purchase, which is one more example of the investor's appetite for rental housing in Spain, will make Patrizia one of the main investors in this market in the country.

Patrizia has more than 1,4 billion euros in assets under management in the Spanish market, not including this operation.

One of the last operations that Patrizia has closed in rental housing was the purchase from Metropolitan House of two residential buildings in the Barcelona metropolitan area for an amount of 52 million. Also in the Catalan capital, Patrizia bought a new residential building in the 22@ district of Barcelona, promoted by Mimeisa Asset Management, for 34 million.

In Madrid, where it has also closed rental housing operations, the fund bought a turnkey building in Alcobendas, Madrid, from Twin Peaks Capital last July for 39 million.

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