Azora powers its rental housing platform, Nestar, with the purchase of a new development of Build to Rent to the French developer Emerige, who thus successfully closed his first project in Spain.
The manager founded by Concha Osácar and Fernando Gumuzio has acquired a project of 250 housing units located in Valdemoro (Madrid) and with this operation reactivates the purchase of turnkey projects after a season in which this type of transactions was frozen due to rising rates.
Indeed, according to the experts consulted by this media, interest in these projects is coming back strongly and several agreements could be concluded before the end of the year.
In this sense, Yann Bloch, General Director Tertiary and International of Emerge, assures that for its part, “The company’s strategy includes developing BTR operations in major Spanish cities.”
This new development, now in the hands of Nestar, is composed of 150 two-bedroom units and 100 three-bedroom units already on the market and feature fully equipped kitchens and bathrooms, as well as air conditioning, a terrace and doors with electronic locks.
In addition, the promotion has a garage and storage room available to tenants. The residential building also has common areas such as swimming pools, paddle tennis court, multi-sport court, gym, coworking space, pet spa and playground, among others.
“The project was designed by Morph architecture studio and has ‘Breeam Good’ sustainability certification and energy class A. The building is located on Calle Felipe III, in Valdemoro, in an area with all services next to Cercanías station and 20 minutes by car from the center of Madrid”, explains the director.
José Alonso, Azora partner, emphasizes that the delivery of this new Emerige residential complex will allow the company to meet its commitment to continue generating quality rental housing. “It is a unique building, with careful design, located in a highly sought-after enclave and well connected to the center of the capital and which benefits from a strong demand for rental housing,” he adds.
Bet on the rent
In recent years, Nestar has added nearly 1,500 homes to BTR’s assets.. Alongside the incorporation of these newly constructed buildings, the company is implementing a program to improve its existing portfolio, which represents an investment of around 30 million euros.
Likewise, the company promotes this business segment in other markets such as the American one, where it has just reached an agreement with Advenir to invest 2.7 billion in affordable housing.
