Nuveen Real Estate and Kronos to add 810 new homes to STAY platform
Nuveen Real Estate, and Kronos, a real estate investor, manager and developer with a leading presence in Spain and Portugal, have completed the purchase of two plots of land in Madrid.
The transaction puts the companies in a position to build 810 homes, which will be managed by STAY, the build-to-rent platform launched by the two companies in September 2020.
The total investment undertaken through this transaction totals €150 million ($180 million) and the completed homes are expected to hit the market in 2023.
These two new projects in Madrid are in addition to the five that were announced in September 2020, located in Madrid, Valencia, Tarragon and Cordoba, valued at a combined €250 million ($300 million). In total, the joint venture between Nuveen and Kronos now has 2,200 homes in the pipeline, meaning that in six months it has already exceeded 44 percent of its target — to build a portfolio of 5,000 homes within five years.
The portfolio will be