Greystar Real Estate Partners has announced the creation of a joint venture to acquire a portfolio of 2,425 rental properties in Spain from Vía Célere. Greystar's investment is being made on behalf of GEPE I, its pan-European discretionary fund.
The creation of the Joint Venture between Greystar and Vía Célere will enable Greystar to gain significant exposure to a unique and diversified multifamily portfolio, increasing the company's exposure to the residential segment and providing Vía Célere with the leading institutional partner in multifamily assets for its Build to Rent portfolio under development.
The distinctive feature of Vía Célere's Build to Rent portfolio, in addition to being one of the largest in the country, is the quality of its assets. All the developments are located in high-demand areas in the country's main cities, where there is a greater need for rental housing. It is important to note that the portfolio is very advanced, with building permits obtained and construction work significantly advanced.
88% of the units are already under construction and the remaining 12% are expected to start construction before the end of the year. Delivery dates for the assets range from 2023 to 2025.
"Be Casa Essential", owned by Greystar, will be the new brand to market and operate this portfolio. The brand will offer a consumer-centric solution with the aim of building communities that contribute to the personal development of tenants by understanding their needs and providing them with solutions for work, leisure and relaxation. The purpose of Be Casa Essential is to create communities that enable residents to live well and focus on the essentials of life: family, friends and a place to call home.
Offering affordable prices and a diverse range of housing types, from one- to three-bedroom homes, to penthouses with terraces, gardens and communal areas, including amenities such as gyms, community pools or social clubs, the brand pursues values such as sustainability, inclusivity and adaptability.
Juan Manuel Acosta, Managing Director of Greystar in Spain, says: "This deal is another example of our firm's expertise in analysing and structuring deals that align with our investment objectives, while meeting the needs of our partners and clients. By tailoring our investment approach to the specific needs of each opportunity, we are able to structure deals that have the potential to generate superior returns for our investors".
José Ignacio Morales Plaza, CEO of Vía Célere, said: "This agreement is a milestone in the real estate sector in Spain and a step forward in the development and management of Build to Rent in the country. We are very satisfied with the alliance we have created with Greystar and we are confident that we will obtain results that validate our decision to create a first class Build to Rent portfolio. We knew that by jumping into the development and construction of these assets we would find an excellent operational and investment partner and we believe we have done exactly that".