The interest of the large investment funds in rental housing made itself apparent once again today in the latest transaction in Spain’s capital.
The joint venture between Grupo Lar and Primonial reached a deal with Pryconsa to acquire its residential project, Amaniel, in the new urban area of Mahou Calderón.
This plot was acquired by the developer Pryconsa in September 2019, when it paid 55 million euros. The land has a surface area of 3,503.25 square metres and a buildable residential area of 18,500 square metres. The company planned to build 236 homes for sale, with between one and five bedrooms.
However, the developer headed by Marco Colomer opted to sell to Primonial and its Spanish partner, which will become a new build-to-rent development. In addition, there will be 273 studios of one, two and three bedrooms distributed over 13 floors.