Metrovacesa will invest a total of 100 million euros to build around 700 build-to-rent (BTR) homes, 120 of which have already been delivered, according to idealista/news.
The new-build developer will construct the homes in seven developments located in Madrid, Valencia, Palma de Mallorca, Manresa (Barcelona) and Arganda del Rey (Madrid).
Of the seven developments, one has already been delivered. It consists of 120 homes in Arganda del Rey sold to Ares, a fund that has also bought 65 units that Metrovacesa will build in the Spanish capital, in the district of Tetuán.
In addition, the German fund AEW has acquired four developments; in total, 542 homes. Sanitas has also bought 98 BTR homes in Manresa; however, the company will convert this development into a senior citizens’ residence.
