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CHALLENGE
Our client was a market-leading Spanish developer, with an extensive track record in infrastructure and real estate.
They wished to enter the Multifamily sector at scale, leveraging their strong existing land bank across Spain and development expertise.
They sought a capital partner to enter into a Joint Venture with them, to fund their expansion plans with the aim of building a 5,000+ unit Build to Rent portfolio.
SOLUTION
Savills was instructed to run a global capital raising process in conjunction with a wider advisory team which included Deutsche Bank.
Savills multi-disciplinary team included Multifamily experts, Pan-European investment specialists and Corporate Finance. We ran a rigorous and targeted marketing approach, which brought out several rounds of competitive bidding.
Through the process we were seeking a partner for Grupo Lar that would not only bring the financial commitment required, but that would also buy into the proposed strategy which involved developing assets as well as turnkey acquisitions.
RESULTS
Primonial, one of the leading real estate asset managers in Europe with c. €26 billion of AUM, signed a long-term agreement with our client to develop and manage 5,000+ BtR units across Spain.