DLA Piper has advised Hines, a global real estate investment, development and property management company, on the market launch of its build to rent project in Madrid, Skypark Valdebebas, a 31,000 sqm multi-family residential rental project, which has opened its doors in the Madrid neighbourhood of Valdebebas.
Hines acquired Skypark Valdebebas through its Hines European Value Fund II (HEVF II) following the signing of a turnkey purchase agreement with ACCIONA. The asset, situated in a privileged location, connected by public transport to the city centre, is divided into 1, 2 and 3-bedroom flats, all equipped with a private terrace or balcony, and with the possibility for tenants to enjoy them fully furnished for a symbolic increase in the monthly rental fee. The complex also offers a wide range of commercial services of all kinds: healthcare, with HM Hospitales, restaurants and retail, with Aldi, Santa Gloria, VIPS, The Fitzgerald, Madrigal, 80 Grados and entertainment for the whole family, with Big Jump Park.
The DLA Piper team advising on the transaction was led by Orson Alcocer, partner head of Real Estate, together with Alejandro Márquez, associate in the same department.
According to Orson Alcocer, “this transaction has been of great importance to us and has concluded with a very satisfactory result and a project that will bring great benefits to our client and to the city of Madrid.”