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Hines, the international real estate firm, has signed a forward purchase agreement for a 31,000-square-metre multi-family rental residential scheme in Madrid, on behalf of the flagship Hines European Value Fund 2 (HEVF 2).
Located in one of Madrid’s fastest growing residential districts in the northeast of the city, the agreement to acquire the completed Valdebebas 125 scheme was agreed and signed off-market through the Hines local team in Spain from ACCIONA, listed on the Ibex 35 Spanish Stock Exchange.
Hines and ACCIONA worked closely together on the scheme design and specifications before signing the forward purchase agreement. ACCIONA will now develop and deliver the high-quality scheme, which is expected to be completed in 2022.
Incorporating around 395 apartments of varying sizes for individuals, couples and families, Valdebebas 125 is located close to the train station and facing the new Valdebebas Central Park. It will provide a home for around 900 people. The community will also include 7,600 square metres of landscaped spaces with private leisure amenities, together with a supermarket, convenience retail and restaurants that will service the entire Valdebebas area.
Hines secured c.€637m of investor commitments at the first closing of HEVF 2 in December 2019, exceeding 50% of the € 1.25 billion total fund target. When factoring in leverage, the Fund is expected to have total purchasing power approaching €3 billion and is anticipated to be Hines Europe’s largest closed-ended fund to date.
HEVF 2 has been launched following full investment of commitments in Hines European Value Fund (HEVF 1), a core plus/value-add fund for which Hines raised €721 million of equity commitments in closings from July 2017 to August 2018, exceeding the original fund target size by over 40%. HEVF 1 has successfully secured a portfolio of 9 investments in Germany, the UK, Denmark, Spain, Italy and Poland within less than 2 years of closing its first acquisition and ended its investment period.
Source : Hines