Greystar and Vía Célere secure financing for Spain BTR portfolio

Greystar Real Estate Partners and Vía Célere have signed a €197.5m green loan with CaixaBank for the acquisition and management of its diversified portfolio of 2,425 rental housing units in Spain.

Centro Montecillos Fase Build to Rent scheme | BTR News
Centro Montecillos Fase Build to Rent scheme.

Real estate company Greystar and Build to Rent developer Vía Célere have secured the loan – which has a seven-year term and includes a hedge to protect against a rise in interest rates during this period – for their Spanish Build to Rent portfolio.

It is the largest green real estate loan granted by CaixaBank and complies with the Green Loan Principles issued by the Loan Market Association (LMA), aligning with the categories of sustainable building and energy efficiency.

The joint venture comprises 22 buildings in areas of high rental demand, including Malaga, Seville, Valencia and Bilbao.

88% of the residential apartments are under construction and 66% of them will be delivered during 2023; the remaining percentage expected to be completed between 2024 and 2025.

“This announcement of a green finance agreement with CaixaBank is a step forward in our goal to increase the supply of quality, sustainable rental housing in Spain. At Greystar we are very proud to guarantee through this agreement the sustainable construction and energy efficiency of our buildings.”

Juan Manuel Acosta, Managing Director for Spain, Greystar

The buildings will have BREEAM certificate and Energy Performance Certificate Levels A and B, the highest-ranking certificates for buildings that reduce energy consumption.

In 2022, CaixaBank granted €8.14bn in green financing. Of this financing, 43.7% (€3.53bn) was allocated to real estate projects.

The portfolio will operate under the Be Casa spin-off brand ‘Be Casa Essential’ (which is owned by Greystar) and will offer affordable one to three-bedroom purposely designed rental homes.

The projects will be equipped with communal areas and services for tenants such as a gym, co-working, social club and communal swimming pool, among others.

Jones Day acted as advisor to the Greystar and Vía Célere joint venture (JV) and DLA Piper advised CaixaBank on the transaction.

The JV was launched earlier in the year.