Pictet and Lasabia join forces to develop a Build to Rent residential complex in Madrid. They hope to reach several hundred residential units in the next few years. Will meet high sustainability standards.
New player in the Build to Rent market. Pictet Alternative Advisors, the alternative investment division of the Swiss group Pictet, and the Spanish real estate investment company Lasabia, created by the González-Weil brothers, have formed a residential development joint venture for build-to-rent rentals . The project will be launched in consolidated areas of Madrid.
As Pictet and Lasabaia explain, the new joint venture will focus on the creation of a housing platform characterized by its quality, added value and services within the M-30 or nearby areas. It expects to reach a volume of several hundred units under management in the coming years and will mean consolidating, they say, a portfolio highly differentiated by location selection and unique characteristics.
Lasabia will make available to this joint venture a well-established structure for attracting and developing assets, providing a comprehensive service.
In accordance with the values of both brands, all assets will comply with high sustainability standards and ESG (environmental, social and governance) criteria, including responsible construction practices, energy efficiency standards and sustainable future environments. They will be regenerated, as well as the environment in which they are located, through reform and renovation actions that incorporate efficient solutions and promote respect for the environment.
“We want to increase exposure in the residential rental market. Despite the existing competition, we believe that there are still opportunities to add value, through a differentiated platform . It is a sector in which quality product is scarce, in which the demand for institutional investor has grown very strongly. Our joint venture with Lasabia is the first step “, explained Pablo Granell, real estate manager at Pictet Alternative Advisors for Spain and Portugal.
For his part, Carlos González-Weil, CEO of Lasabia, emphasizes that the objective of the joint venture is “to offer the growing rental market a unique product , located in consolidated urban environments, with a concept based on the creation of spatial designs optimal, creative and efficient “.
In the same sense, Beatriz Barco, director of strategic consulting at Savills Aguirre Newman, explains that “the development of alliances like this one is booming, in which a promoter and an investor who share the same vision and values, with great experience in their respective segments. It is a formula that allows maximizing synergies between the financial and real estate sectors, also helping to professionalize the sector ”
Savills Aguirre Newman, Uría Menéndez, Grant Thornton and Pérez-Llorca participate as advisers in the operation.