US-based global developer-investor Hines and energy group Acciona have delivered a 33,000 m2 BTR project in northeast Madrid, their first in the Spanish capital.
The Skypark Valdebebas provides 395 quality 1, 2, or 3 bedrooms apartments, each with a private terrace or balcony.
Hines acquired the project in 2020 on behalf of the Hines European Value Fund 2 (HEVF 2), after signing a turnkey purchase agreement with Acciona,
Skypark Valdebebas offers a wide variety of dining, retail and leisure options, while occupiers already leasing space include HM Hospitales, Aldi, Santa Gloria, VIPS, Madrigal, 80 Grados and Big Jump Park.
The project, which was developed by MORPH with interior design assistance from Gärna and was entirely financed by Banco Santander, has gained BREEAM Very Good certification as a tribute to its ESG credentials.
Vanessa Gelado, senior managing director and country head of Hines in Spain, said: ‘We are very proud to open Skypark Valdebebas, our first BTR project in Spain, with 395 stunning apartments, significant amenity provision, and first class ESG credentials. We look forward to many people calling this quality space their home. We look forward to continuing our momentum in the living space and believe the build-to-rent sector will become a cornerstone for our business here given the need for quality homes nationwide.’
Andrés Pan de Soraluce, CEO of the real estate business of Acciona added: ‘It is an honour for our company that Hines, the largest real estate developer in the world, has chosen Acciona to carry out its first build-to-rent asset in Spain; in this enclave, Valdebebas, which is an example of urban planning at an international level, and with whose District Council, we are developing strategic projects of relevance, such as the new Acciona Group HQ. In this great BTR project in Valdebebas, we share with Hines its vision and commitment to implement the highest levels of sustainability, quality, architecture and landscaping, to offer new and more ambitious proposals to the professionalised rental market, the segment with the greatest growth potential in Spain.’
The project has 7,500 m2 of garden area with private leisure amenities and looks out over Valdebebas Central Park. It is next to a train station with easy access to Madrid's centre.