Greystar announces a new joint venture to acquire a portfolio of 2,425 Build to Rent units in Spain from Vía Célere, a leading Spanish residential property developer. Vía Célere will retain a minority stake of 45% of the portfolio. For Greystar’s portion, this investment is being made on behalf of GEPE I – Greystar’s pan-European discretionary fund. The forward purchase transaction comprises 12 projects located in Madrid, Malaga, Valencia, Seville and Bilbao.
The joint venture will allow 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 long-in-development Build to Rent portfolio.
“This transaction is another example of our firm’s expertise in evaluating and structuring deals that align with our investment objectives, while also 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.”Juan Manuel Acosta, Greystar’s Managing Director for Spain
The distinguishing 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 developments are in high demand areas in the main cities of the country, where there is a greater need for rental housing. The portfolio is well-advanced with building permits obtained and construction work significantly advanced.
Delivery dates of the properties range from 2023 to 2025 – 88% of the units are under construction, and the remaining 12% are expected to start construction before year end.
“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 partnership we have created with Greystar and are confident that we will achieve results that will validate our decision to create a best-in-class Build to Rent portfolio. We knew that by launching the development and construction of these assets we would find an excellent operating and investment partner and believe we have done exactly that.”José Ignacio Morales Plaza, CEO, Vía Célere
Greystar’s ‘Be Casa Essential’ brand will manage and operate the portfolio. The brand – which pursues values such as sustainability, inclusivity and adaptability – will offer a consumer-focused solution with the objective of building communities that contribute to the personal development of residents, understanding their needs and providing them with solutions for work, leisure and relaxation. The Be Casa Essential purpose is to create communities allowing its residents to live well and focus on the essentials of life – family, friends and a place to call home.
The portfolio will offer a diverse range of home types – a mix of one-, two- and three-bedroom homes to penthouses with terraces. The portfolio will include gardens and common areas, and amenities such as gyms, communal pools or social clubs.
‘Be Casa Essential’ is a spin-off of the ‘Be Casa’ brand that Greystar launched in Q4 2022. ‘Be Casa’ currently operates a portfolio of 2,500 flexible living apartments in Spain, and positions Greystar as one of the leading investors and operators in the country.