165
165
  • Transaction / Assets
    Rental home development
  • Seller
    Vía Célere
  • Buyer
    Locare Real Estate
  • € MM

Locare Buys a Rental Home Development from Vía Célere

15 May 2019 – El Economista

In just one year, Locare Real Estate has become one of the main drivers of affordable rental housing in Spain, with a portfolio of more than 700 homes at different stages of completion. To this end, the firm has just signed an agreement with the property developer Vía Célere to acquire one of its developments in the Madrilenian town of Valdemoro.

Locare is already working on another development in the same town and together the two estates will contain 180 homes and will involve an investment of €23 million. The homes will be adapted to Locare’s style, which means that they will be suitable for rental.

This operation represents the first step by the property developer led by Juan Antonio Gómez-Pintado into the rental market and sees the firm follow in the footsteps of Aedas Homes and Metrovacesa.

In its first year of life, Locare has already disbursed €90 million of the €120 million in funding that it raised and has launched five other developments in Móstoles, Torrelodones, Collado Villalba and Alcalá de Henares, containing almost 1,000 units in total. The firm is already working on the launch of a second fund to continue its work in this field.

Original story: El Economista (by Alba Brualla)

Translation/Summary: Carmel Drake