Stay, the build-to-rent brand of Kronos and Nuveen Real Estate has started work on its first project in Cordoba exclusively for rent. Saïd Hejal, CEO of Kronos Invest Group; Marta Cladera, Director in Spain of Nuveen Real Estate and Carlos Rodríguez-Bailón, CEO of Stay, inaugurated construction on this first development on Monday.
Nuveen and Kronos’s alliance aims to build 5,000 homes in 5 years, a plan that the executives p reaffirmed in their speech. The value of the assets will reach one billion euros, according to their forecasts.
The Cordoba development will consist of 270 rental homes to be completed in the second quarter of 2023. The total investment will amount to 50 million euros, earmarked for purchasing the land and construction.
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