Harrison Street and DeA Capital acquire two Spanish BTR schemes

Harrison Street and DeA Capital's joint venture (JV) is set to acquire 430 Build to Rent homes in Spain, addressing the country’s undersupply.

Harrison Street and DeA Capital have acquired two Spanish Build to Rent schemes in Madrid and Alicante | BTR News
Harrison Street and DeA Capital have acquired two Spanish Build to Rent schemes in Madrid and Alicante.

Investment management firm Harrison Street and alternative asset management platform DeA Capital S.p.A recently announced that its JV will acquire 430 Build to Rent units across two new assets in Madrid and Alicante.

Located in the desirable San Sebastián de los Reyes neighbourhood, the 146-unit property in Madrid features residential amenities including a swimming pool, gym, coworking area, concierge, events kitchen and underground parking.

The 284-unit Alicante property, located in Benissaudet, has two phases of renovation planned, which is expected to be complete by Q4 2025.

“We’re thrilled to expand our partnership with DeA Capital to bring these two new assets to Madrid and Alicante. As the demand for modern, amenitised and affordable housing continues to grow in Spain, we have worked with DeA Capital to expand our presence and identify attractive Build to Rent properties in key metropolitan areas with significant growth potential. We look forward to further identifying high-quality rental housing in key European markets with strong supply-demand fundamentals and working with our partners to address the growing need for quality housing across the region.”

Paul Bashir, Chief Executive Officer – Europe, Harrison Street

The acquisition will help address the increasing need for affordable Build to Rent homes across Spain.

Expanding on the partnership between Harrison Street and DeA Capital, the JV will operate under the name of LAVIDDA, a brand designed to launch a new concept of Build to Rent which will oversee a new housing management and way of living. 

“Together, DeA Capital and Harrison Street successfully crafted a sustainable residential strategy for our enduring partnership and our shared goal is to offer families access for years to come. I take great pride in the remarkable work accomplished by all the teams involved. One team, one goal!”

Emanuele Dubini, CIO & Head of International Business, DeA Capital Real Estate

With a focus on innovation, sustainability and customer satisfaction, LAVIDDA is committed to achieving milestones in the evolution of the Build to Rent market in Spain and enhancing the living experience of tenants.

Since its inception last year, LAVIDDA currently manages eight projects for a total of 1,634 dwellings, which include seven projects under development and one project in operation.

As the brand continues to expand, it is expected to manage 3,000 dwellings by 2025.

“It is ingrained in DeA Capital’s DNA to foster long-lasting relationships with our partners. We equip our joint ventures with adept teams that manage operations with ESG integrity and excel in technical quality, leading to exceptional outcomes.”

Koldo Ibarra, Chief Executive Officer, DeA Capital Real Estate Iberia

This joint venture will allow both companies to combine their expertise and resources to offer tenants a diverse range of high-quality rental housing specifically designed to meet the changing needs of the rental market.

Harrison Street’s Build to Rent presence in Europe includes 16 assets totaling approximately 6,050 units across the UK, Spain and Ireland.