Global private markets firm Partners Group, acting on behalf of its clients, and Medan Asset Management, have opened another build to rent development in the Madrid region, Nuva Valdemoro.
This development will help further scale Nuva Living, the residential platform created by Partners and Medan.
Nuva Valdemoro, located 25 km away from Madrid’s downtown, is a 160-unit rental building offering strong ESG credentials and has been certified "BREEAM Good" in construction.
The building offers studios, one and two-bedroom flats and ten spacious penthouses and has been fully let since opening.
Residents can access parking units, storage rooms and a wide variety of green and common areas, including a large swimming pool, a paddle court, a running track, a gym with natural light and a solarium. Nuva Valdemoro also provides a co-working area, to fulfill the demand of work-from-home professionals.
The building is operated entirely by Medan under the Nuva brand, and mediates with tenants via its own app.
Philippe Dewevre, head of private real estate asset management Europe, at Partners, said: 'We are delighted to add Nuva Valdemoro, our largest development to date, to Nuva’s portfolio.
'We are pleased with the quality of the project and its strong ESG credentials. The high level of amenities have contributed to a fully stabilised project at opening. It follows the completion of another build to rent development, Nuva Torrejon, earlier this year. Partners Group is committed to investing thematically in the living sector in Europe and we look forward to scaling our Joint Venture with Medan further.'
Jaime Morán, managing partner of Medan, added: 'We are very pleased with the commercial success of this project, which has been fully pre-let. Madrid needs more residential assets that allow access to quality housing, at affordable prices and under a different product, oriented to create a home-like experience.
'We are committed to scale our portfolio with more projects like Nuva Valdemoro, in line with the new trend of the living sector: from traditional residential to new flexible proposals. Integrating and verticalising our operations allows us to get closer to our residents and generate value, always striving to go a step beyond rental management and rent collection.'
Ten Brinke, the company that developed the building, delivered the project three months ahead of plan.
Jörg Tiggemann, CEO of Ten Brinke Spain & Portugal, said: 'We are very pleased to see Nuva Valdemoro being inaugurated. This project is the result of our huge effort and clear commitment to the living sector. After our positive experience in Holland and Germany investing directly on several projects, I am very grateful to Partners Group and Medan for their trust on this new collaboration in Spain.'