Clearwater International advises PromoRed on raising development finance for a residential Built-to-Rent development
Clearwater International has advised PromoRed, a leading real estate company specialising in the development of residential and retail sites, on raising a facility loan to support the development of a €52m residential built-to-rent complex in Rivas-Vaciamadrid, Madrid.
The project will create 16 retail units and 251 multifamily and eco-friendly apartments, with a wide range of amenities including a swimming pool, playground, coworking space, lobby, wellness centre (gym and spa) and laundry service.
With this project, PromoRed confirms its leading position in the serviced apartments segment in the eastern metropolitan area of Madrid by number of projects as a developer.
Together with PromoRed, the Company has another business unit called Redpiso, a real estate agency with 246 offices in more than 20 Spanish cities including Madrid, Barcelona, Valencia, and Seville. Redpiso specialises in residential housing and professional management of rentals.
The financing has been provided by Pacific Investments Management Ltd through the Xenia Capital vehicle, an investment Group based in London, UK. Pacific have developed more than six million m² of real estate assets globally, across multiple sectors.