Primevest Capital Partners has officially launched its first Build to Rent (BtR) development in Spain, located in the port district of Valencia. The project, comprising 90 homes for rent, was acquired by the fund manager in 2022 through a forward sale and purchase agreement. The development was developed and built by Grupo Bertolín, and the transaction was advised by the consultancy firm Colliers.
The complex is located next to La Marina de Valencia, in an area close to the EDEM business school, the Lanzadera incubator and the Terminal Hub coworking space. This area has been the subject of an urban regeneration process promoted by the Valencia 2007 Consortium.
Olaf Steinbusch, senior acquisitions manager at Primevest Capital Partners, has highlighted that the project has aroused considerable interest among potential tenants. In his opinion, Valencia - like other Spanish cities - faces a shortage of modern, sustainable and affordable rental housing, and this development aims to help alleviate this situation.
Antonio Piles, General Manager of Business Development at Grupo Bertolín, pointed out that initiatives of this type allow progress to be made towards a more efficient residential model that is adapted to new urban demands. For his part, Rafael Paz, director of the Valencia office at Colliers, considers that the complex incorporates rental housing in a strategic location and can serve as a benchmark for future BtR operations in the region.
With the handover now formalised, the asset enters the operational phase. Occupancy is expected to commence in the coming weeks.
