Madrid, October 14th, 2024 – Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients, and Medan, the integrated Spanish asset manager specialised in the Spanish living sector, have announced the sale of a residential asset in Valdemoro to a vehicle managed by Invesco Real Estate.
This transaction represents the first divestment for Nuva, the joint venture created by Partners Group and Medan in 2021 to invest in the Spanish residential rental sector.
Nuva will continue to scale its platform in the Spanish residential market and is actively looking at new acquisitions, focusing on build to rent developments as well as standing assets with a value-add angle, located in Madrid region and other key Spanish markets.
Nuva Valdemoro consists of 160 high quality apartments including studios, one and two-bedroom flats and ten spacious penthouses. The asset, which has a GLA of c. 10,200 sqm over eight stories, was acquired as a built to rent development which completed in 2023 and has been fully let since opening.
Residents benefit from numerous facilities (co-working, fitness, padel court, swimming pool) and spacious common areas designed to maximize their quality of life. The building obtained BREEAM in Construction “Good” and 2-star FITWEL sustainability certifications, highlighting its commitment to the well-being of residents and energy efficiency.
With the change of ownership, the building will continue to be managed by Nuva Living, Medan’s residential operating branch, which currently manages more than 2,000 residential units across its own and third-party properties. Nuva Living stands out for its integrated management, with a focus on digitalizing the tenant experience and a strong commitment to sustainability and quality of service.
Philippe Dewevre, Member of Management, Head of Real Estate Asset Management Europe, at Partners Group comments: “The sale to Invesco Real Estate reflects the ability of Partners Group and Medan to create residential buildings that incorporate New Living trends, offering flexibility and amenities to residents. We are proud to successfully exit this asset upon stabilization to institutional capital. As a thematic investor in the residential sector, we will continue looking for more opportunities to grow our platform and capitalize on thematic trends.”
Jaime Morán, Managing Partner at Medan, added: "The sale of the Valdemoro asset proves the strong confidence that the institutional market has in high-quality assets within the Spanish market. This transaction confirms that our fully digital and tenant-focused management model is an exceptionally attractive solution for institutional investors, who seek professional platforms with proven management capabilities."
