Avalon Properties, the SOCIMI of the US fund Ares, has acquired a Build-to-Rent project from the developer Amenabar for €60 million. It is a complex comprising five buildings and a total of 300 new homes for rent located in the PAU of Vallecas.
The developer Amenabar is the owner of the land and will develop the projects and hand them over to Avalon on a turnkey basis. The company’s plans are to start construction this year and to be able to deliver the homes in 2024.
This is one of the main build to rent (BtR) transactions of the year in Spain, closed at a particularly complex time due to the inflationary pressure on construction prices and the problems in the supply of materials, which have caused a slowdown in this type of transaction. This acquisition is expected to boost the reactivation of BtR operations.
GA_P advised Avalon with a Real Estate team formed by partner Enrique Isla, along with associates Natalia Callejo, Marta González-Llera, Gema del Rio and Javier Rabena.
In-house Legal advice was provided by Dámaso Riaño, general counsel of Avalon Properties.