Primevest Capital Partners took over the first residential Build-to-Rent project in Seville, Spain on behalf of a German pension fund. The property comprising 13,000m² consists of three buildings with 125 residential units and has been developed in the style of a resort. These buildings will provide a new supply to the rental market in Seville.
Olaf Steinbusch, Senior Acquisition Manager at Primevest Capital Partners, said: “This first Build-to-Rent project consolidates our investor’s investment strategy in Spain, which is based on acquiring properties in selected cities throughout the country. We are grateful to Enrique Molina Campos (Alba REIM) for sourcing and brokering this opportunity. Besides Spain, Primevest invests in residential projects and assets in Germany, The Netherlands, Denmark, Austria and in the future also in Italy. In addition Primevest invests in parking assets as well in other European countries such as Norway and UK.”
The property at ‘Jardines Hacienda Rosario’, consists of three buildings with 125 residential units sized between 60m² and 115m². There are also two commercial units and includes a parking garage with 196 parking spaces on two levels. All apartments have a storeroom, balcony or terrace, a fitted kitchen and built-in cupboards in all bedrooms. The project has been developed in the style of a resort with two swimming pools, six padel-tennis courts, a football field, basketball courts, a children’s playground, a jogging trail of more than one kilometre, a social club with catering services, large gardens and promenades.
The development has BREEAM certification which indicates high levels of sustainability based on features such as solar panels for electricity generation, heat pump air conditioning (without fossil fuels), rainwater and wastewater collectors, state-of the art LED lighting and a clean point for recycling waste, plastic, glass and paper, which will ensure substantial savings in energy and the economy for future residents.
Claudia Gerber, Senior Asset Manager at Primevest Capital Partners highlights: “In the case of Seville, where most of the rented properties are owned by private individuals, this building will provide a new supply, professionally managed and adapted to the rental market, combining many aspects of contemporary, affordable, and sustainable living. There is a high demand for the property due to its design and high quality of the buildings as well as the wide range of possibilities for leisure activities.”
The property management will be handled by MVGM Property Management, one of the leading European property management companies for this type of product. The first tenants will be able to move in at the end of January. The Build-to-Rent project has been named ‘Las Delicias’ in reference to an historic garden in Seville’s city centre and will be marketed under this name.