Aareal Bank refinances Madrid BtR portfolio for Greystar

Aareal Bank has closed a €175 mln financing agreement with rental housing specialist Greystar, under the bank's green finance framework for a portfolio of three build-to-rent properties (BtR) in Madrid.

The assets, comprising 2,504 professionally managed, flexible units, are operated through BeCasa, a Greystar group company.

All assets have achieved or are in a process of receiving BREEAM “Very Good” certificates. The three residential properties are located in fast-growing submarkets with high rental demand in the vicinity of the Spanish capital: Rivas Vaciamadrid, Valdebebas and San Sebastián de los Reyes are known as lively and well-connected areas, only 20 minutes from the city centre.

The operated properties that are let for both short and long-term stays, seek to provide the privacy of an apartment and the comfort of a hotel.

The service offering and shared facilities include parking, a concierge service, 24/7 security, parcel pickup, and a fitness centre. Additional amenities include rooftop terraces, pools, meeting rooms as well as events and activities organised for residents.

'We are pleased to accompany the business development of Greystar, who has an impressive track record with over 30 years of experience in the residential operational real estate business,' said Martin Vest, managing director Euro Hub at Aareal Bank.

'Like many European metropolitan regions, Madrid is characterised by excess demand and a mismatch in the housing market. To support Greystar’s convincing residential offer in this attractive market is a promising opportunity for us,' Vest added.

Rafael Fernandez-Villaverde, senior director – investment, Spain, at Greystar, added: 'We are committed to making a meaningful contribution to the creation of new rental housing supply and product types in Spain’s capital city at a time when new homes are critically needed. We are pleased to have partnered with Aareal Bank for this transaction, thus supporting our growth ambitions.'

Aareal Bank was advised on the transaction by Cuatrecasas.


Image by Petronus under creative commons



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