Savills Investment Management buys majority stake in Méndez Alvaro asset from Greystar

• Savills IM and Greystar have created a joint venture to invest 150 million euros in the acquisition of a 455-home rental residential asset developed by Acciona
  
  Madrid, 27 November 2024 - Savills Investment Management (Savills IM), an international real estate investment manager, and Greystar, a global leader in the investment, development and management of high-quality real estate across the living sector, have announced the creation of a joint venture to acquire and manage an asset in Méndez Álvaro (Calle de Leganés 11, Arganzuela).
  
  Savills IM and Greystar have formed a joint venture to invest around  €150 million to complete the transaction. The asset will operate under Greystar’s new Nera Living brand, which offers modern apartments with a high level of customer service and a range of lifestyle amenities in central locations across major European cities. 
  
  The Méndez Álvaro asset comprises 455 rental apartments, including studios, one-bedroom and two-bedroom apartments, over 13 floors and is strategically located just 15 minutes' walk from Atocha station. Preliminary marketing of the homes is already underway, and the first tenants are expected to move in from January 2025. 
  
  Following this transaction, Savills IM will manage a portfolio of almost 1,000 rental properties in the Spanish market. In 2023, the company also acquired two properties in the Sky Homes project in Valencia from Neinor Homes for an investment of €66 million.
  
  Fernando Ramírez de Haro, Managing Director Spain & Portugal at Savills Investment Management, said: “This transaction strengthens our Spanish build-to-rent portfolio, a segment which offers significant growth opportunities due to the persistent imbalance between supply and demand in the local market, especially in large urban areas. Madrid is one of the European cities with the greatest potential for long-term sustainable value creation for our investors in the residential segment.”
  
  Rafael Fernandez-Villaverde, Managing Director of Greystar Spain, said: “We are very pleased to have been able to work with Acciona to continue to offer new housing solutions for the Spanish real estate market. Since we began operating in Spain, we have maintained a solid investment strategy in a market that we consider having great potential. This investment strategy demonstrates our commitment to the Spanish market, where we continue to grow with a clear roadmap for medium and long-term development."
  
  The acquisition of this project fits seamlessly into Savills IM and Greystar's strategy of investing in high quality, sustainable assets in European cities with favourable economic and demographic prospects. 
  
  Over 28,000 sqm of floor space
  The asset comprises more than 28,000 sqm of floor space, of which more than 21,000 sqm corresponds to the 455 homes that make up the property. The remaining 7,000 sqm are distributed across a broad variety of communal spaces, including a swimming pool, a coworking area, a cinema, a games area, green spaces and a fully equipped gym. There are also meeting spaces for future tenants, including communal lounges and panoramic terraces offering unique views of the city of Madrid.
   
  The asset has been designed to the highest sustainability standards and will boast BREEAM Good certification and an “A” Energy Performance Certificate.
  
  Savills IM took commercial advice from the international real estate consultancy JLL on the transaction and legal counsel from Ashurst. KPMG advised on the structure and tax aspects of the transaction. Savills also provided technical advice. Greystar was advised by Eastdil Secured, CBRE, Jones Day and PwC.

Press contact – Savills IM
Pablo Blanco / José García Villardefrancos 
Tel.: + 34 91 531 23 88 
E-mail: pblanco@grupoalbion.net / jgarcia@grupoalbion.net 

Press contact – Greystar
Borja Miquel: bmiquel@kreab.com / 635 58 54 41
Olatz Ocáriz: oocariz@kreab.com / 692 59 31 85

About Savills Investment Management 
 
 Savills Investment Management is an international real estate investment manager with established presence in 16 cities: in Amsterdam, Bangkok, Frankfurt, Hamburg, Katowice, London, Luxembourg, Madrid, Milan, Munich, Paris, Singapore, Stockholm, Sydney, Tokyo and Warsaw. 
 As of 31 December 2023, Savills Investment Management had real estate assets under management of 24 billion euros. 
 Savills Investment Management LLP is a limited liability partnership registered in England, registered no. OC306423, and is authorized and supervised by the Financial Conduct Authority in the United Kingdom. 
 Savills Investment Management is regulated by the authorities in the United Kingdom, Australia, Italy, Germany, Jersey, Japan, Luxembourg and Singapore. 
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $320 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages nearly 997,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com