Nuveen Real Estate and Kronos add 810 new homes to STAY
Nuveen Real Estate, one of the world's largest real estate investment managers, and Kronos, a real estate investor, manager and developer with a leading presence in Spain and Portugal, have completed the purchase of two plots of land in Madrid.
The transaction puts the companies in a position to build 810 homes, which will be managed by STAY, the build-to-rent (‘BTR’) platform launched by the two companies in September 2020.
Marta Cladera de Codina, Managing Director at Nuveen Real Estate Iberia, says: "We are very pleased with this acquisition, which significantly increases our project portfolio. We are making excellent progress in creating what will undoubtedly be one of Spain’s major BTR platforms.”
The total investment undertaken through this transaction totals EUR150 million and the completed homes are expected to hit the market in 2023. These two new projects in Madrid are in addition to the five that were announced in September 2020, located in Madrid, Valencia, Tarragon and Cordoba, valued at a combined EUR250 million.
In total, the joint venture between Nuveen and Kronos now has 2,200 homes in the pipeline, meaning that in just six months it has already exceeded 44 per cent of its target– to build a portfolio of 5,000 homes within five years.
Saïd Hejal, CEO of Kronos, says: "We are very pleased to be able to expand our footprint in Madrid through STAY, an innovative project based on design, technology and wellbeing which will meet the needs of a new generation of tenants”.
The portfolio will be managed by STAY, one of the first platforms dedicated exclusively to BTR in Spain, which is set to revolutionise renting by offering tenants quality new-build properties boasting a range of premium services. STAY is committed to sustainability and all projects will offer BREEAM certification, the most technically advanced sustainability assessment and certification ranking in the market.