Publications

Nuveen Real Estate and Kronos form a build-to-rent JV targeting €1b portfolio
Investors - SEPTEMBER 21, 2020

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Nuveen Real Estate and Kronos form a build-to-rent JV targeting €1b portfolio

by Andrea Zander

Nuveen Real Estate and Kronos, an Iberian development and management investment and adviser groups, have created a BTR Joint Venture in Spain.

The purpose of this joint venture is the development of 5,000 homes with €1 billion ($1.2 billion).

The joint venture, operated under the STAY brand, has been seeded with a portfolio of approximately 1,400 units, which will be spread across five developments over the next three years. The developments will be located in Madrid, Valencia, Tarragona and Cordoba, with properties ranging between 120 and 500+ units in size and representing more than €250 million ($293 million) in investment.

The venture already has four additional projects in the pipeline, which will raise the investment by another €325 million ($381 million), representing an additional 1,600 units or so. This will contribute to the creation of 12,000 direct and indirect jobs.

Marta Cladera de Codina, head of Iberia for Nuveen Real Estate, comment

Forgot your username or password?