The Polanco Family to Structure New Socimi to Invest in Rental Properties

11 December 2019 – Qualitas Equity Partners, the Polanco family’s asset management firm, will begin investing in the acquisition and rental of residential properties through a new socimi.

Home Capital Rentals Socimi, which a subsidiary of Qualitas, Q-Prime, will look to develop and acquire urban real estate for use in the rental market. The socimi intends to focus on the prime and semi-prime residential market in Spain’s main cities.

Borja Pérez Arauna, a former director of Prisa, founding partner of Q-Prime and the vice president of the Timón Group, will lead the new firm.

Original Story: El Diário – Antonio M. Vélez

Adaptation/Translation: Richard D. K. Turner

Spain’s Ministry of Development Looks to Acquire Land from Sareb

25 November 2019 – Spain’s Ministry of Development (Ministerio de Fomento) is looking to create a partnership with the bad bank Sareb to help it achieve its goals under the Plan 20,000 housing policy. The government hopes to build 20,000 affordable rental homes to alleviate a lack of residential housing on the market and is considering buying land for the new developments from Sareb.

Original Story: El Economista – Alba Brualla & Rubén Esteller

Adaptation/Translation: Richard D. K. Turner

Ares Acquires a Portfolio of Rental Homes to the East of Madrid

21 November 2019 – Ares has finalised the acquisition of a portfolio of 401 rental homes in the vicinity of Alcalá de Henares. The homes are in a new residential area that has easy access to Spain’s capital, Madrid, via the A-2 motorway and public transport.  

The acquisition is set to significantly increase the supply of rental homes in the area. Colliers advised Ares on the transaction, details of which were not disclosed.

Original Story: El Economista – Alba Brualla

Adaptation/Translation: Richard D. K. Turner

Testa Residencial Purchases 1,458 Homes from Caixabank’s Real Estate Arm

23 March 2018 – Inmodiário

The 1,458 homes are located in some of Spain’s principal cities and are being acquired for an estimated 228 million euros.

Testa Residencial, with a portfolio of 10,702 homes, is thereby consolidating its leading position in Spain’s rental housing market.

Testa Residencial has reached an agreement with Building Center SAU, the real estate arm of the Caixabank group, to acquire a portfolio of 1,458 homes, for approximately 228 million euros. 66% of the properties are located in Madrid, Palma de Mallorca, Barcelona and Valencia, while the remainder is in other Spanish metropolitan areas. Of the 42 developments that make up the portfolio, 90% are allocated, and it is estimated that they will add 8.7 million euros to the company’s annual turnover. The acquisition is subject to a series of conditions, and the homes will be acquired in the coming months as those requirements are met.

Wolfgang Beck, Testa Residencial’s CEO, stated that he is very satisfied with the acquisition, which will “allow Testa to consolidate its position as the leading company in Spain in the rental housing market, excluding financial entities.” After the purchase, Testa will own 10,702 homes in Spain, which are located mostly in Madrid, with a prominent presence in San Sebastian, Barcelona and Valencia as well.

Testa Residencial aims to consolidate its position as an efficient rental housing platform that adapts to the needs of its tenants, in line with Europe’s other residential real estate firms. The socimi intends to continue to follow its strategic growth plan, purchasing assets that are complementary to its portfolio, to achieve its goal.

Original Story: Inmodiário

Translation: Richard Turner