AEW acquires two residential developments in Spain

AEW has agreed, in an off-market transaction, to forward-purchase two build-to-rent (BTR) developments that will deliver 206 apartments in the growing Moreras district of Valencia, Spain, on behalf of a separate account mandate for a German pension fund.

The assets are scheduled for delivery in 2023 and will comprise 23,400 square meters (251,875 square feet) across two buildings — one 21-floor high-rise and one 11-floor mid-rise building — constructed by experienced developer Metrovacesa.

The properties are targeting a high EPC rating for energy consumption and will offer a mix of studios in addition to one- to four-bedroom apartments at mid-market pricing levels, finished to a modern, high-quality standard, alongside a range of amenities, including swimming pools, a gym, paddle tennis courts, gardens and ground-floor retail units. There are also storage units for each apartment and 218 underground car parking spaces.

The Moreras district (La Punta) is a g