Vía Célere has reached an agreement with Greystar to sell 55% of its residential rental portfolio, with more than 2,400 homes in five provinces and a total valuation of more than €400 million. This deal represents the largest transaction by volume of build-to-rent units closed to date in Spain in a single transaction.
The transaction has already been agreed by the parties, with the final details, including the financing of the operation, still to be finalised. Following the agreement, Greystar, in addition to being the main owner of the assets, with 55% of the portfolio, will also be responsible for the management of the homes.
Vía Célere, for its part, will maintain a 45% stake in the project and will thus be able to take advantage of the assets once rents and occupancies have stabilised. Vía Célere’s vocation is not to be an asset manager, so this operation allows it to divest in two phases: one now and the other once the portfolio is operational.
With the closing of the transaction, Greystar strengthens its position as one of the leading rental property managers in Spain. The Charleston, South Carolina-based company is already the largest operator of rental flats in the United States and one of the world’s leading operators, managing 1.2 million beds.
Vía Célere has delivered a total of 1,781 units in 2022, exceeding its delivery forecast for 2022 and the all-time record for the aggregate of the last four years, with 6,893 units. In this way, Vía Célere remains one of the leading developers in operational and financial terms on the Iberian Peninsula.
Jones Day advised Greystar with a team comprising of counsel and head of Real Estate in Madrid Víctor Casarrubios, together with associate Luis Pérez Casas.
