AEW has agreed to forward purchase two build-to-rent residential developments, Sol de Llevant and Terrasses de Llevant, in Palma, the capital of the Spanish island of Mallorca, on behalf of a separate account mandate backed by a German pension fund.
The schemes, which are being delivered by developer Metrovacesa, will provide a total of 203 residential units at mid-market pricing levels, with a mix of one- to four-bedroom apartments. The properties, which comprise a total of 23,200 square meters (250,000 square feet), are expected to be completed by 2023.
A range of high-quality amenities will be available to residents, including terraces, private and communal garden areas, swimming facilities and car parking. The buildings will also have sustainability features such as solar panels to support electricity supply and LED lighting and are targeting an A EPC rating for energy consumption.
Situated in the Nou Llevant district, the developments form part of one
