14 October 2019 – Locare RE and Tectum Real Estate Investments are preparing to launch a new €240-million fund aimed at the affordable rental housing market. The new fund, Tectum II, comes hot on the heels of a similar, €120-million fund the two firms launched just a few months ago. The investments come at a time when foreign investment and rising real estate prices, especially in Spain’s major cities, are driving families further out of city centres.
The first fund allowed the two firms to acquire seven plots of land, enough to build 1,000 affordably priced rental homes in the Community of Madrid. The plots of land are located in Torrelodones, Villalba, Móstoles, Arroyomolinos, Valdemoro (two plots) and Alcalá de Henares. The fund expects monthly rents to cost between 500 and 900 euros per month.
Short-term plans for Tectum II aim to start advertising approximately 1,500 new rental homes already in 2020.
Original Story: El Confidencial – E. Sanz / C. Hernanz
Adaptation/Translation: Richard D. K. Turner
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