Interest in Build to Rent (BTR) in Spain continues to be very strong. AEDAS Homes, a leading developer of new-build homes, and Azora, an investment management group specializing in real estate assets, have closed an agreement for the development and sale of two BTR complexes with a combined total of 327 units in the municipalities of Alcalá de Henares (Madrid) and San Juan de Alicante (Alicante).
The Alcalá de Henares BTR project is located in Las Sedas, a well-located new district that enjoys a solid demand for housing, both owned and rented, and will have 195 units. This development will be highly sustainable, with BREEAM GOOD certification, and has been designed with large terraces, a parking garage and storage rooms. In addition, the complex will have an access control system and common areas with an outdoor pool with solarium, paddle tennis court, children's play area, coworking space, gym, bicycle parking and garden areas.
The second of the BTR projects sold by AEDAS Homes to Azora is located in Nou Nazareth, a new area in the municipality of San Juan de Alicante, just 10 minutes by car from the city of Alicante. This new urban development has a variety of services close at hand, is well connected to the surrounding area, and is very close to Muchavista Beach. The development, designed to be respectful of the environment as evidenced by its BREEAM GOOD certification, will have 132 units, as many storage rooms and 166 parking spaces. Furthermore, future residents will be able to enjoy a private residential complex featuring an outdoor pool, children's play area and bicycle parking.
The two projects have been jointly designed by AEDAS Homes and Azora with the aim of responding to the real needs of the rental market. Construction works on these projects—which are being carried out in both cases by Constructora San José—are already underway, with delivery slated for the first quarter of 2025 in San Juan de Alicante and in mid-2025 in Alcalá de Henares.
“AEDAS Homes once again has demonstrated an ability to attract investment through BTR projects, cementing our position as a leading industrial partner in Spain for the design and execution of these turnkey rental developments”, explained David Martínez, CEO of AEDAS Homes, who reiterated that there is still significant interest in this type of residential project and that “this interest has extended to new metropolitan areas, driven by society’s demand for rental housing, a demand we must respond to”.
“Azora continues to be committed to the residential market and to responding to very real demand, especially in certain locations that are experiencing significant growth and where it is necessary to reinforce the stock of quality, affordable housing”, pointed out Alfonso Aramendía, partner at Azora. The firm is firmly committed to the sector and is developing close to 4,000 units across 17 developments, both through turnkey agreements and through its own development business, with an investment of around €700 million.
The new turnkey developments that AEDAS Homes will build for Azora, who will put the finished developments on the rental market, will consolidate both La Poliseda, a strategic enclave in Alcalá de Henares and in the Community of Madrid due to its excellent connections with the center of the capital and the airport, and Nou Nazareth, a growing area that is now seeing the first rental project, which is in high demand in the city of Alicante and the surrounding metro area.
AEDAS Homes, Spain’s leading industrial partner in BTR developments
With these new BTR agreements, AEDAS Homes continues to facilitate access to rental housing and professionalize the market. The company has now sold a total of 13 turnkey projects (1,698 units) to five institutional clients for over €300 million, and in the process has established itself as the leading developer of turnkey BTR projects in Spain. Out of this BTR portfolio, AEDAS Homes has already delivered seven turnkey developments with a total of 800+ units to institutional partners, with four in Madrid (Madrid city, Torrejón de Ardoz and Alcalá de Henares, with two), Barcelona (Hospitalet de Llobregat), Valencia and Seville.”