Tectum Investment Managers is preparing to invest more than €350 million in affordable rental housing through its third investment vehicle, Tectum BTR, targeting the development of over 1,500 homes across Spain.
The fund has already raised €150 million in equity, primarily from Spanish private investors. Once financial leverage of more than 55% is included, total investment capacity will exceed €350 million, fully allocated to the development of affordable rental housing schemes, the majority of which will be publicly protected units. Among the investors in the vehicle are David Ruiz de Andrés, founder and chief executive of Grenergy, and Ion Ion, the investment vehicle of Jon Riberas.
“During this fundraising period we have already committed more than 75% of the investments, having been awarded several tenders from the Community of Madrid, and this third vehicle has already acquired land for more than 1,200 protected homes in Madrid,” said Andrés Horcajada, Partner at Tectum.
Most developments will be located in the Community of Madrid, including projects in Las Rozas, Torrejón de Ardoz, Valdebebas, Alcalá de Henares and Tres Cantos. The manager has also secured tenders from the City Council of Palma for around 180 homes in Palma de Mallorca.
The flagship scheme within the new vehicle is a project in Valdebebas involving an investment of €115 million to deliver around 450 affordable homes. Tectum aims to complete the portfolio assembly during the first half of the year, with delivery of the homes expected roughly 36 months after development starts.
The homes will be operated through the platform Alkira Living.
