Spain: Greystar has added sites in Madrid, Barcelona and Bilbao to its Be Casa brand.
Greystar has acquired the three developments through transactions with global investment firm Bain Capital. They have a combined GAV of €300 million.
The transaction adds around 2,000 beds to the Be Casa portfolio, brining to more than 4,800 fully furnished apartments, including pipeline.
The Alcobendas scheme in Madrid comprises 888 beds and has been operational since July 2024. Barakaldo in Bilbao comprises 639 beds. It is currently under construction and is expected to be completed in March 2026. Sant Cugat in Barcelona comprises 496 beds. It is also under construction and is expected to be completed in July 2026.
All three developments comprise studios, one-, two- and four-bedroom apartments with amenities including coworking areas, restaurants, gym, pools, padel courts and social areas. The buildings are certified BREEAM Outstanding.
Rafael Fernandez-Villaverde, managing director – Spain for Greystar, said: “Madrid, Bilbao and Barcelona are experiencing robust economic growth supported by thriving industry and a steadily increasing population. This has led to significant demand for high-quality rental solutions that offers short-, mid-, and longer-term options catering to the diverse needs of professionals, families, and international students. By pairing an already proven brand concept that is ready for expansion with Greystar’s global expertise, we are accelerating our growth in Spain while creating operational synergies that will deliver an even better living experience for residents.”
The transaction is part of Bain Capital’s Spanish flexible living development strategy. Rafael Coste Campos, partner at Bain Capital, said: “The shortage of high-quality, affordable housing is a high conviction theme for the firm, one that we are poised to effectively address through our extensive research and local expertise. As demand for rental properties surges in gateway cities – areas that are persistently undersupplied – we see a significant opportunity to develop affordable, premium housing that surpasses conventional standards. These new developments will boast superior amenities and strong environmental credentials.”
Jones Day, EY and CBRE advised Greystar as legal, financial and tax advisors and technical advisors, respectively. Eastdil Secured and Cuatrecasas advised Bain Capital.
