Spain: A JV between Italian asset manager DeA Capital and Harrison Street will acquire 430 BTR units across two new assets in Madrid and Alicante.
The property in Madrid, located in the San Sebastián de los Reyes neighbourhood, comprises 146 units with high-quality amenities, including a swimming pool, gym, coworking area, concierge, events kitchen and underground parking. The Alicante property, located in Benissaudet, comprises 284 units with two phases of renovation planned, which is expected to be completed by Q4 2025.
Paul Bashir, CEO of Harrison Street’s European business, said: “We’re thrilled to expand our partnership with DeA Capital to bring these two new assets to Madrid and Alicante. As the demand for modern, amenitised and affordable housing continues to grow in Spain, we have worked with DeA Capital to expand our presence and identify attractive BTR properties in key metropolitan areas with significant growth potential. We look forward to further identifying high-quality rental housing in key European markets with strong supply-demand fundamentals and working with our partners to address the growing need for quality housing across the region.”
Emanuele Caniggia, CEO of DeA Capital Real Estate SGR and head of real estate at DeA Capital, said: “This transaction demonstrates the continued and steady expansion of DeA Capital’s real estate platform abroad. It is another important step that contributes to consolidating our track record and laying the foundations for our continued presence in all asset classes of the European real estate sector.”
DeA Capital is a leading independent alternative asset management platform in Italy with a significant pan-European presence, with assets under management of €27.7 billion. Harrison Street, an investment management firm exclusively focused on alternative real assets has approximately $56 billion in assets under management. The two companies formed their JV in August last year, with plans to build a portfolio of up to 4,000 units.
