The giant of student residences in Spain, Greystar, launches into the trendy business within the real estate sector: residential rental through the Build to Rent (BtR) formula.
As sources familiar with the operation have explained to elEconomista, the company already has three projects underway in the metropolitan area of Madrid in areas with high demand for this product.
These three BtR developments consolidate Greystar’s commitment to the rental business in our country
Specifically, the firm has acquired three plots located in Valdebebas, Rivas and San Sebastián de los Reyes, where it is going to build residential properties totaling some 3,000 units, a figure that places it on the list of the main investors in this business segment, which has proven to be one of the most resilient during the Covid crisis.
The projects being developed by the American group are made up of studios and spaces with 1 and 2 bedrooms and will have a wide range of amenities such as a swimming pool, gym and coworking space, among others, and will have parking areas. The works are expected to be completed by the end of 2022, according to the same sources.
Bet on growing in Spain
These three BtR developments consolidate Greystar’s commitment to the rental business in our country, where it landed in June 2019. Thus, at that time it took over number 48 of this central commercial artery where it manages the rental of about 100 homes.
The company has extensive experience in the rental flats business, as it is the leader in this market in the United States with approximately 693,000 beds under management.
Its main business in Spain is currently that of student residences
At the end of the third quarter of 2020, the firm had a total portfolio of assets under management of more than 37,200 million dollars (around 30,000 million euros) including multifamily assets, student residences and apartments for active adults ( active adult), as it appears on their website.
At the time, when Greystar closed the acquisition of Gran Vía, it already announced its intention to grow in this segment, however, its main business in Spain is currently student residences.
In 2017, Greystar acquired RESA, leader in this segment in the Spanish market, which currently has 11,100 beds in 43 residences spread over 20 cities. Recently, Greystar, together with AXA IM Real Assets and CBRE Global Investors.
Facebook Comments
Disqus