ACCIONA's real estate division and international real estate company Hines, through its investment vehicle Hines European Value Fund 2 (HEVF 2), are to develop 395 rental apartments in Valdebebas (Madrid).
The project will be build to rent, which is a growing trend in Europe. ACCIONA will develop the project on a turnkey basis, and the apartments will be marketed by Hines. Valdebebas 125 will consist of 395 apartments of varied sizes with a total capacity to house approximately 900 people.
The deal represents a further step in the ACCIONA real estate division's policy of alliances with major firms in the industry, which will lead to top-rank developments in the office market in Barcelona and the housing market in Madrid.
Hines and ACCIONA have worked closely on the design and technical features of the Madrid development, which is scheduled to be ready in 2022. The project is designed to obtain the highest environmental and quality certifications and to become a flagship in the Madrid market.
The development, with 31,000 m² of floor space and 7,600 m² of green areas, will be located near the train station and opposite the new Valdebebas Central Park. This area, one of the most popular residential districts in north-eastern Madrid, is well served with supermarkets, convenience stores and restaurants.
Valdebebas 125 is one of ACCIONA's largest build-to-rent operations to date, following the 135-unit turnkey rental housing development announced last year in Méndez Álvaro, in southern Madrid, in partnership with AXA. ACCIONA also recently announced an agreement with EPISO 5 fund, managed by pan-European real estate investment firm Tristan Capital Partners, to develop 31,000 m² of offices in Barcelona's 22@ district.
With over 25 years' experience, ACCIONA's real estate division has developed over 10,000 properties, principally homes, in Spain, Portugal, Poland and Mexico.V