Pictet Alternative Advisors, the alternative investment division of the Swiss group Pictet, and the Spanish real estate investment platform Lasabia have created a 'joint venture' to develop 'build to rent' projects in Madrid, as reported by Savills Aguirre Newman, who has advised both companies in the operation.
Specifically, the ‘joint venture’, which is expected to reach a volume of several hundred units under management in the coming years, will focus on the creation of residential housing for rent within the M-30 or nearby areas.
Pablo Granell, Real Estate Manager at Pictet Alternative Advisors for Spain and Portugal, said that “we want to increase our exposure in the residential rental market. Despite the existing competition, we believe that there are still opportunities to add value ”.
For his part, Carlos González-Weil, CEO of Lasabia, explained that the objective of the ‘joint venture’ is “to offer the growing rental market a unique product, located in consolidated urban settings”.
In addition to Savills AN, Uría Menéndez, Grant Thornton and Pérez-Llorca participated as advisers in the operation.