Hines, the international real estate firm, has signed a forward purchase agreement for a 31,000-square-meter multifamily rental residential scheme in Madrid, on behalf of the flagship Hines European Value Fund 2 (HEVF 2).
With the property located in one of Madrid’s fastest growing residential districts in the northeast of the city, the agreement to acquire the completed Valdebebas 125 scheme was agreed and signed off-market through the Hines local team in Spain from ACCIONA, listed on the Ibex 35 Spanish Stock Exchange.
Hines and ACCIONA worked closely together on the scheme design and specifications before signing the forward purchase agreement. ACCIONA will now develop and deliver the high-quality scheme, which is expected to be completed in 2022.
The project has been designed to obtain the highest environment certifications, and Hines is committed to ensuring that the scheme will set a new benchmark for purpose-built rental residential real estate in Madri
