Locare RE & Tectum Join Forces to Promote 1,000 Rental Homes

23 October 2018 – El Confidencial

The real estate manager Locare RE and the company Tectum Real Estate Investments are going to promote more than 1,000 long-term rental homes in the Community of Madrid and the main provincial capitals, which will require an investment of more than €120 million over the next two years.

Currently, they have three developments underway in the Madrilenian towns of Móstoles, Collado-Villalba and Torrelodones, which comprise 405 homes in total and whose entry into operation is scheduled between 2019 and 2020, as indicated in a statement.

In this sense, both have underlined that, given the scarcity of residential land, they are exploring and developing opportunities for differentiation in the sector by promoting contractual schemes involving public-private collaboration.

The aim is for these alliances to reinforce their vocation of long-term permanence, on the one hand, and to provide appropriate instruments to collaborate with the Public Administrations, especially with the Town Halls, on the other hand, in order to increase the stock of rental housing without those bodies having to commit to public investment.

This initiative is being launched in a favourable market context given the growing demand for rental housing and the shortcomings of the current residential rental stock in Spain’s main cities (…).

Original story: El Confidencial 

Translation: Carmel Drake

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