Hines begins construction on multifamily residential project in Spain

WCN Editorial Team 25 Sep 2020 EUROPE BUILDINGS

Real estate firm Hines has started construction on a multifamily residential rental project, dubbed Valdebebas 125, in Madrid, Spain.

In February this year, the company signed a forward purchase agreement with Acciona, a Spanish renewable energy firm, to acquire the 330,000ft² multifamily residential rental project located in Valdebebas, a district in Madrid.

The site is part of the new Hines European Value Fund 2 (HEVF 2) portfolio and is claimed to include one of the most representative projects in the residential rental segment in the country.

The project will include 395 apartments within a variety of layouts and will offer homes for nearly 900 people. It is expected to be completed in 2022.

The site will also include 81,000ft² of garden space with private leisure facilities. It will be located near the train station and is in front of the new Valdebebas Central Park.

Supermarket chain Aldi will be the first anchor tenant to lease space at the site, occupying 18,000ft² for the store, a warehouse with over 2,000ft² and a parking lot with a capacity of 80 spaces.

It will be located at the main entrance of Valdebebas at Juan Antonio Samarach Avenue and the corner of María Reiche.

The supermarket is expected to become the commercial hub for the entire area and will be complemented with other services such as multiple restaurants and co-working space to serve the entire Valdebebas area.

Hines Spain senior managing director Vanessa Gelado said: “Valdebebas 125 stands as one of the largest projects in the residential rental segment, which still represents an emerging market in Spain.

“In part, due to the world’s new reality from Covid-19, we have no doubt that the multifamily sector will become one of the stronger segments, since more and more citizens are demanding housing for rent instead of for-sale property.

“Institutional investors are also very interested in these types of projects that have a strong focus on design and on the quality and comfort of the tenants. This area has a great potential for growth, and will allow Hines to further strengthen its position as a residential developer in Spain.”

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Hines begins construction on new residential rental project in Spain. (Credit: Hines.)

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