Neinor Homes, has sold a 146-unit BTR property (the “Asset”) to a joint venture co-owned by Harrison Street, a leading global investment manager focused exclusively on alternative Real assets, and DeA Capital, a leading independent alternative asset management platform.

In this transaction, Savills acted as an advisor to Neinor. Furthermore, as part of the agreement, Neinor will retain the management of the asset over the next year through its operating company (OpCo), Renta Garantizada.

The Asset was fully completed in Q2 2023 and will be commercialized under the name Soto Rental Homes. The Asset is located in San Sebastian de los Reyes, a highly consolidated urban area with excellent accessibility by metro and stands at only 10min from the Barajas international airport while being close to wide array of services such as Hospital Universitario Infanta Sofia, several retail assets such as the Plaza Norte Shopping Centre or The Style Outlet, the business park of Arroyo de la Vega or the European University.

The modern complex is divided in two identical buildings with a total of 146 units, of which 30 lofts, 68 two-bedroom and 48 three-bedroom apartments. The Asset offers comprehensive amenities with a swimming pool and vertical gardens, a state-of-the-art gym, dedicated playground areas and a gastrobar for tenants to use.

The asset was developed with sustainable building standards in mind fulfilling the strict criteria of the EU Taxonomy and has been being assigned an EPC A label. Furthermore, the asset is expected to be awarded the prestigious BREEAM^® in use rating once it starts to be operated.

Since the beginning of the year, Neinor has successfully sold 4 BTR developments representing a total of 598 units for more than €150mn to both institutional investors and family offices – Hacienda Homes (146#), Lyra (93#), Sky Homes (213#) and Europa Homes (146#), which represent c.25% of Neinor’s total BTR portfolio. Unlocking and crystallizing this value to shareholders is a centrepiece of the €600mn shareholder remuneration programme communicated to capital markets back in March 2023.