Last week, DWS closed the Spanish market’s largest build-to-rent deal for 2020 in its second acquisition in the segment in Spain. The three-way transaction saw Spanish insurer Mapfre sell land in Getafe & Ensanche de Vallecas to property developer Gestilar which, in turn will be purchased by DWS (Deutsche Bank). Gestilar’s plan is to build 1,000 homes on these plots.
The record breaking deal is said to have reached €240 million and exceeded the price paid by AXA IM Real Assets for the acquisition last May of a c. 900-home portfolio from Tectum REI for c. 150 million.
The German fund had previously, during October, deployed €100M in two other Spanish residential developments in Spain. These acquisitions, were the first for DWS in the residential sector in Spain and involved a forward purchase in Ensanche de Vallecas in Madrid and another in the metropolitan area of Barcelona. The latter was also completed between the German investor and Gestilar which is chaired by Javier García-Valcárcel.
During 2020, Gestilar also explored alternative financing solutions reaching an agreement to partner with the collaborative platform Urbanitae to build a 46-unit residential project in Pozuelo de Alarcón (Madrid).
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