Real estate investment manager AEW has acquired two build-to-rent (BTR) developments in Valencia, Spain, on behalf of a separate account mandate for a German pension fund.
The assets, located in the growing Moreras district of Valencia, will provide 206 apartments across two buildings and are scheduled for delivery in 2023. The properties will be developed by Metrovacesa, with whom AEW is developing a further two BTR schemes in Palma de Mallorca.
AEW declined to comment on the purchase price or identity of the pension fund client. The firm said the off-market transaction in Valencia was its second residential forward purchase in Spain on behalf of the German fund.
Lars-Henning Pylla, fund manager at AEW, said: ‘This is our second residential forward purchase agreement in Spain on behalf of this client and is in line with our strategy to invest in future-oriented opportunities in Europe’s top-tier cities. Occupancy in this district of Valencia remains high with limited supply in the local rental sector and we are confident that this development will provide much needed above-market quality and modern homes.’
AEW was advised by Fabregat Perulles Sales, Arcadis and Yester & Morrow.