Ashurst advises CaixaBank on €120M BTR project
CaixaBank has granted a €120 million financing facility to Stay, the Build-to-Rent (BTR) platform jointly owned by Nuveen and Kronos, supporting its expansion in Spain. The financing, valued at €116.8 million, has been structured through SPVs ultimately owned by Nuveen and Kronos for the development of three BTR projects in Vilanova (Barcelona), Berrocales (Madrid), and Alcalá de Henares.
With Spain’s rental market undergoing rapid transformation, institutional investment in purpose-built rental housing continues to gain momentum. This financing reflects CaixaBank’s commitment to supporting the development of high-quality rental housing and the expansion of Stay’s portfolio across key urban locations.
Stay, the joint venture between Nuveen and Kronos, is at the forefront of Spain’s institutional rental housing sector, focusing on sustainable, professionally managed residential properties.
Ashurst acted as legal advisor to CaixaBank. The team, lead by Finance & Banking partner Irian Saleta Martínez, was composed by Manuela Sanz (Senior Associate), Ignacio Piñeiro (Associate) and Javier Altemir (Junior Associate). The Real Estate team was formed by partner Ismael Fernández Antón and María Antonia de Prada (Senior Associate) as well as Tax partner Ricardo García-Borregón.
From the Luxembourg office, the Banking & Finance team was composed by partner Katia Fettes and Ashurst acted as legal advisor to CaixaBank.
Zadal Abogados y Asesores Tributarios has also provided legal and tax advice to Stay.
