The Living Sectors team in Spain of the global real estate consultancy Knight Frank has brought to market a forward funding opportunity of 100 million euros, which includes both 'build to rent' (BTR) assets and 'flex living' assets. '.
Specifically, the portfolio is made up of three assets located in Malaga and Barcelona, with a total of 379 units. The first of them, located in the Andalusian city, is a BTR block that includes 108 homes and an area of 8,526 square meters. The units consist of 18 one-bedroom apartments, 62 two-bedroom apartments and 28 three-bedroom apartments.
The second asset, also located in Malaga, is a complex of 143 'flex living' units. The block has an area of 7,762 square meters and is made up of 52 studios, 39 one-bedroom apartments, 26 two-bedroom apartments and 26 two-bedroom plus apartments.
The Barcelona building, measuring 10,890 square meters, is located in the southwestern part of the city. The 126 units in this project include 71 two-bedroom and 57 three-bedroom apartments. According to Knight Frank, the start of construction on the three assets is scheduled to begin in the third quarter of 2024.
Knight Frank's Spain Living Sectors Director, Elaine Beachill, said: "This portfolio offers the opportunity to acquire assets in both 'build to rent' and 'flex living' in strategic locations in two key Spanish cities, which are being developed by a team of institutional promoters with great experience".
Beachill explained that the Malaga projects are located in "a consolidated area of the city that is experiencing great development" and this "has a strong rental demand for short and long-term tenants, which far exceeds the limited supply from the city".
On the other hand, "the exclusive 'build to rent' project in Barcelona is located in a micromarket in which the surrounding housing stock is obsolete and lacks 'amenities', so the Barcelona location responds to an important market demand", in the words of the directive.
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