Savills IM, the international real estate investment manager, has completed the acquisition of two newly built residential properties in Valencia for its European Living Platform, for a total purchase price of c. €66 million. The seller of the properties, Neinor Homes (“Neinor”), is a leading Spanish developer of residential assets for BTS and BTR, with over 30 years’ experience in developing quality, sustainable assets across the country.
The transaction represents the second round of acquisitions for the platform following the purchase of six newly built, high quality and fully-let Swedish residential assets for c. €100million in April 2023.
This forms part of Savills IM’s growing commitment to the Living sector in the UK and Europe.
The two properties in Valencia comprise a total of 209 residential units over 20 floors. The first tower has a total lettable area of 11,987 sqm with a total of 100 apartments. The second has 14,574 sqm of total lettable area distributed across a total of 109 apartments. Each tower also has 673 sqm of retail on the ground floor.
Completed in November 2022, the two properties are part of the four residential towers that make up SkyHomes, a highly sustainable and modern standing residential asset located in the Malilla neighbourhood of Valencia. The development offers comprehensive amenities, including a swimming pool, coworking space and playgrounds. The site is adjacent to La Fe Hospital, the largest and most reputable hospital in the Valencia region, and within close proximity to a large shopping/entertainment centre, university, socio-cultural centre and two private health centres.
The asset was developed with high sustainability standards and provided with a strong EPC “A” label, which is a great achievement considering Spain has one of the most restrictive EPC rating systems for multifamily housing in Europe. Other sustainable building characteristics include aerothermal heat pumps in each unit , and electric vehicle chargers soon to be installed along with bicycle racks in the underground parking garage.
The acquisition fits perfectly within the platform’s strategic remit to invest in high-quality, sustainable assets in affluent European cities with supportive economic and demographic trends. The aim is to provide resilient income and capital growth over time.