Hines has signed a forward purchase agreement with Acciona to acquire a 395-rental home development currently under construction in Valdebebas – a fast-rising residential area to the North-east of Madrid. Acciona owns the land and will take charge of building the turnkey project.
This is one of the largest ‘build to rent’ projects that Acciona has embarked on to date and the two companies have agreed that the work will be finished by 2022.
Last year, Madrid accounted for 80% of all of the ‘build to rent’ projects in Spain, which together amounted to around €1 billion.
