Thursday, November 30, 2023

Multi-law firm advice on Patrizia´s €601m BtR acquisition

Cuatrecasas and EY have counselled Patrizia Inmobiliem on its Build-to-Rent acquisition of 1,500 homes for €601 million, while the sellers, Corp Promotores and Scranton Enterprises were advised by Uría Menéndez and Osborne Clarke (US) respectively


The German fund has acquired a portfolio of 1,500 rental properties in various municipalities in the Barcelona metropolitan area developed by BeCorp from Scranton Enterprises and Corp Promotores. With this deal, Patrizia and BeCorp have closed one of the largest ‘build to rent’ investments in Spain.

The operation has amounted to €601 million, and Patrizia has been financed by CaixaBank to carry it out. The properties are at different stages of development, although some are already leased. Patrizia’s initial plans were to acquire 2,000 homes for around €800, although in the end, the portfolio purchased, through its Living Cities fund, will be smaller.

The fund manager of Living Cities, Sebastian Dietert, explained that the company has used artificial intelligence to check that the acquired assets “are very well located in their respective macro and micro-locations.” “Barcelona, like all the cities in which we invest, offers stable profitability and long-term capital growth,” Dietert added. The deal was brokered by CBRE.

Patrizia has a portfolio of assets under management in Spain of around €1.5 billion, a figure that does not include this latest transaction with BeCorp. Of this €1.5 billion, 20% is in residential rental assets.

Uría Menéndez’s team advising Corp Promotores (seller) was led by Real Estate partner Juan Antonio Pérez Rivarés, along with Real Estate junior associate Martí Sarri Garrido and Corporate junior associate Rafael García-Perrote.

Cuatrecasas’ team counselling Patrizia was led partner Ramón Gil, together with associate Morad Hassan.

EY advised Patrizia on the Financial Due Diligence and on Financial matters, and Osborne Clarke (US) advised Scranton Enterprises (seller).

The deal was closed on January 17th.

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