Azora has acquired a new BTR development of 250 homes in Valdemoro, Madrid, from the French developer Emerige on behalf of its Nestar BTR platform.
Financial details were kept confidential.
The development comprises 150 two-bedroom and 100 three-bedroom homes, all of which are already on the market and fully equipped kitchens and bathrooms, air conditioning, and a terrace. In addition, the development has a modern garage and storage rooms available to tenants.
The residential building also has communal areas including swimming pools, a paddle tennis court, multi-sports court, gymnasium, coworking space, pet spa and children's playground, amongst others.
The project has been designed by architecture firm Morph Studio. It holds the BREEAM Good sustainability certification and an A energy rating.
Yann Bloch, general director of Tertiary and International of Emerige, said: 'We are proud to have delivered our first Build To Rent operation in Spain to Azora, one of the leading players in the Spanish rental residential sector. This project is fully aligned with Emerige's strategy, which focuses particularly on developing BTR operations in major Spanish cities, with exemplary projects in architectural, social, and environmental terms. We are pleased to share these values with Azora and its partner Nestar.'
Established by Azora in 2004, Nestar has provided homes to over 40,000 families since inception. In recent years, Nestar has added close to 1,500 BTR homes to its portfolio.
