(MADRID) – Hines, the international real estate firm, announced the next steps in its multifamily residential rental project, Valdebebas 125, in Madrid. The construction of the space is already underway, and Aldi will be the first anchor tenant to lease space at the site. The distribution company will open its 40th supermarket in Madrid with a total built area of over 21,000 square feet.
In February, Hines announced the signing of a forward purchase agreement with Acciona for the total acquisition of this 330,000-square-foot multifamily residential rental project in Madrid, located in one of the fastest-growing districts of the capital, Valdebebas. The asset is part of the portfolio of the new Hines European Value Fund 2 (HEVF 2) and constitutes one of the most representative projects in the residential rental segment in our country. The work began this summer and delivery is expected in 2022.
The project consists of 395 apartments with a variety of layouts and will provide homes for nearly 900 people. Valdebebas 125 is conveniently located near the train station and is in front of the new Valdebebas Central Park. The community will include 81,000 square feet of garden space with private leisure facilities.
Aldi will occupy part of the retail area of the project, with 18,000 square feet for the store, a warehouse of over 2,200 square feet and a parking lot with capacity for 80 spaces. The supermarket is located at the main entrance of Valdebebas at Juan Antonio Samarach Avenue and the corner of María Reiche and will form a commercial hub for the entire area that will be complemented by other services, including multiple restaurants and a coworking space that will serve the entire Valdebebas area.
Vanessa Gelado, senior managing director of Hines in Spain, notes that, “Valdebebas 125 stands as one of the largest projects in the residential rental segment, which still represents an emerging market in Spain. In part, due to the world’s new reality from COVID-19, we have no doubt that the multifamily sector will become one of the stronger segments, since more and more citizens are demanding housing for rent instead of for-sale property. Institutional investors are also very interested in these types of projects that have a strong focus on design and on the quality and comfort of the tenants. This area has a great potential for growth, and will allow Hines to further strengthen its position as a residential developer in Spain.
Gelado adds, “The development of the complex is progressing on schedule and we are thrilled that Aldi, a leading company in the distribution sector, with solid growth in recent years, has bet on this complex to open new premises in the capital. Having a supermarket with these characteristics provides great added value to the future tenants of the complex, which, according to surveys conducted by Hines, value having a nearby supermarket above any other service.”
The IDEA Group has been the consulting company that has provided Hines with advisory services for the marketing of this space.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 55 cities in 13 countries, with €22.7 billion of assets under management, including €19.8 billion for which Hines serves as an investment manager and €2.9 billion for which Hines provides third-party property-level services, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.