Real estate. Dea Capital signs JV with Harrison Street in Spain
To build housing complexes intended for rent with advanced all-inclusive services
DeA Capital S.p.A., Italy's leading independent alternative asset management platform with a significant pan-European presence, and Harrison Street, a leading investment management firm dealing exclusively with alternative real estate assets, announced the creation of a new joint venture venture to build built-to-rent residential homes in Spain. The JV has already presented the first project: an initial portfolio of 441 BTR units divided into two properties in Seville.
DeA Capital Iberia, the Spanish subsidiary of DeA Capital, will provide development and operational management services for the portfolio, while JLL Spain acted as commercial consultant for the JV and the acquisition of the initial projects. This first portfolio includes two BTR residential properties located in Camas and Entrenucleos - two newly developed neighborhoods in the metropolitan area of Seville - and will meet the growing demand for affordable housing for rent.
The Camas complex will comprise 144 single to four-room apartments, while the Entrenucleos complex will consist of 297 three / four-room apartments. Both buildings are located just 15-20 minutes from the center of Seville and within walking distance of public transport and a range of shops and entertainment venues, making them a "natural" alternative for the youngest. The two properties will also feature all-inclusive luxury amenities, such as 24-hour concierge, gym, resident lounge, swimming pool, paddle court, cinema room and app tenant, as well as private terraces, gardens, co -working and a courtyard.
Emanuele Caniggia, Head of Real Estate at DeA Capital, said: "We are thrilled to work with Harrison Street: their institutional platform, their proven operational know-how and the skills gained in creating complex portfolios will allow us to continue offering high quality rental accommodation in the main European markets and to exploit the fundamental dynamics of supply and demand”.
Koldo Ibarra, CEO of DeA Capital Iberia, added: “This joint venture will allow us to build a shared pipeline of BTR projects in Spain and other European markets to the benefit of our partners and investors”.
Paul Bashir, CEO of the European division of Harrison Street, said: “Much of the rental housing offering in Spain is dated, privately operated and originally built to be sold rather than rented. For years, however, Spain has seen steady growth in demand for modern, fully equipped and affordable rental accommodation, which is why Harrison Street is delighted to supply high-quality, professionally managed BTR units to a rather thin market. We look forward to expanding our presence in the Spanish residential rental market together with DeA Capital, whose investment management team boasts unparalleled access to national institutional developers, long-standing relationships across all regions of the country and a solid track record. of investments in various European markets, including Italy, Spain, Germany, France and Poland”.
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