Greystar completes first residential acquisition in Spain

Photo of Juan Acosta from Greystar.com

Greystar Real Estate Partners, a global leader in the rental housing sector with expertise across multiple geographies, has finalised its first acquisition in the Spanish private-rented sector (PRS) with the acquisition of a building on nº 48 of Madrid’s Gran Vía Street.

The property Greystar has purchased comprises 100 residential units, with a unit mix of between 1 and 4 beds and was built in 2013. The current building was developed by Renta Corporación between 2009 and 2013 and designed by architect Rafael de La-Hoz. The high street unit was bought in May 2014 by German fund manager GLL Real Estate Partners GmbH.

Greystar’s business model includes owning, operating and developing collegiate, multifamily, corporate, and senior housing across the globe, bringing a globally interconnected professional rental housing platform and industry funded with institutional capital to countries where the sector is developing and fragmented.

In 2017, Greystar purchased Spain’s largest student accommodation provider RESA, which currently manages close to 10,000 beds in 17 cities across Spain.

According to Juan Manuel Acosta, Managing Director at Greystar, the group believes “there are many attractive investment opportunities» and Greystar is «currently analyzing a strong pipeline in both PRS and purpose-built student accommodation segments.”

Prior to joining Greystar in 2017, Juan worked within CBRE Global Investors (“CBRE GIP») as well as ING Real Estate, with responsibility for sourcing, acquisitions, and portfolio management across continental Europe. Since joining CBRE GIP in 2011, Juan has led the acquisition and asset management of over €2.5B of assets including €1.5 billion of residential and student housing opportunities throughout Continental Europe.