Urbas has sold to Q-Living a build to rent project in Bilbao of 143 social housing units.
The company, which specialises in global and diversified sectors such as efficient housing, water and renewable energies, will develop and build this project for social and affordable rentals, which will be transferred 'turnkey' to Q-Living.
Urbas' total income from the project exceeds 30.5 million euros, after adding a 6.5 million euro subsidy from the Basque Government to promote affordable rental housing, the application for which has already been formalised by the company.
Specifically, the development is located in Isla Zorrozaurre, the most important area of urban development and urban regeneration in Bilbao in recent years.
The development that Urbas has sold to Q-Living for 24 million euros consists of 143 homes divided into two towers of nine and 10 storeys, 185 parking spaces, 143 storage rooms, bicycle parking, green and landscaped areas and three commercial premises.
The complex will offer one-, two- and three-bedroom homes ready to be rented in 2026. The development is expected to obtain the A label for energy efficiency.
Juan Antonio Acedo, Chairman and CEO of Urbas, said that "the rental business continues to grow". "The search for higher yields and new opportunities is driving the investment sector beyond the main residential markets such as Madrid and Barcelona. This is the case of Bilbao, which is very well positioned due to its economic dynamism, competitiveness and consolidation of its real estate market. In general, the Spanish rental market has a very long way to go with institutional investors and funds that have put our country on their radar," he added.
