Italian asset manager DeA Capital has joined forces with Harrison Street to acquire 430 build-to-rent (BTR) units across two new assets in Madrid and Alicante, Spain, for an undisclosed amount.
The property in Madrid, located in the desirable San Sebastián de los Reyes neighborhood, comprises 146 units with high-quality amenities, including a swimming pool, gym, coworking area, concierge, events kitchen and underground parking.
The Alicante property, located in Benissaudet, comprises 284 units with two phases of renovation planned, which is expected to be completed by Q4 2025. Harrison Street and DeA Capital will manage the properties under the Lavidda brand.
Paul Bashir, Chief Executive Officer of Harrison Street’s European business, said, '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, amenitized and affordable housing continues to grow in Spain, we have worked with DeA Capital to expand our presence and identify attractive BTR 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.'
Emanuele Caniggia, Chief Executive Officer of DeA Capital Real Estate SGR and head of Real Estate at DeA Capital said: 'This transaction demonstrates the continued and steady expansion of DeA Capital's real estate platform abroad. It is another important step that contributes to consolidating our track record and laying the foundations for our continued presence in all asset classes of the European real estate sector.'