Nuveen Real Estate and investment manager Kronos have acquired two build-to-rent schemes in Madrid, with a total investment of €150m (£130m).
The joint venture will build 810 flats across the two sites. The homes are expected to complete in 2023 and will be managed by the joint venture’s BTR platform, Stay.
Nuveen and Kronos launched Stay last September with a target to build 5,000 homes in Spain within five years. It has 2,000 homes in the pipeline, with other projects in Madrid, Valencia, Tarragon and Cordoba valued at €260m (£225m).
