Starwood Capital is negotiating its entry into the residential rental market in Spain through the purchase of two assets from Stay, the platform backed by Nuveen Real Estate and Kronos, for a sum of around €200 million, according to Cinco Días.
The deal would involve two developments in the Community of Madrid. The first is located in Los Berrocales and comprises 380 rental homes, while the second is situated in Alcalá de Henares, with 260 units.
The potential acquisition would mark Starwood’s entry into the residential rental sector in Spain, a market in which the US asset manager had previously explored larger-scale deals. The firm was involved in negotiations for the purchase of Aedas Homes, although that deal did not go ahead and it was ultimately Neinor Homes that launched a takeover bid for the developer.
This move comes as Nuveen withdraws from the Spanish build-to-rent sector. The asset manager, which is linked to TIAA, launched a partnership with Kronos in 2020 to develop a portfolio of around 5,000 rental homes, with a planned investment of up to €1 billion. However, Cinco Días reported back in April that Nuveen had put the assets in Los Berrocales and Alcalá de Henares up for sale, as part of a change in strategy in this sector.
Nuveen’s exit has also materialised in other transactions. In July 2025, Hines completed the purchase of Stay Cuatro Vientos, a 531-unit build-to-rent complex developed by the Nuveen and Kronos joint venture in Madrid’s Latina district. That asset was acquired through the pan-European fund Hines European Property Partners.
Starwood already has a presence in the Spanish property market through other segments, particularly offices, logistics and tourism. Its assets include business parks such as San Fernando Business Park, in the Henares corridor; Omega, in Alcobendas; and Las Mercedes, next to Adolfo Suárez Madrid-Barajas Airport.
