North America Fund opened its first residence in 2009, beginning rent activity in Madrid’s European district. The development sits in Valdebebas, a northern area of the city, and was conceived by Morph architecture studio with interior design by Gärna. The project was anchored by Hines, which acquired the venture from Acciona’s real estate division in 2020 through the Hines European Value Fund 2. Before that, in 2019, the land had been purchased for 63 million euros by the Entrecanales family, under the Jordan family’s control. The units include one, two and three bedroom homes, many with private terraces or balconies. The project’s commercial core features a ticketing area for online orders, a community bar, gym, paddle tennis courts, a swimming pool, a coworking space and garden zones. Ground floors host several retail spaces including an Aldi supermarket, HM Hospitales clinic, Santa Gloria bakery, VIPS, Madrigal, 80 Grados and Big Jump Park, with a single consolidated space for the entire commercial area. This urbanization gains particular appeal from its proximity to Felipe VI Park in Valdebebas, a sprawling 340-hectare green space touted as one of Madrid’s largest parks; its opening is anticipated by the Madrid City Council. project disclosures.
25% of the flats are currently rented
In the first week, out of a total of 395 flats, about 100 were occupied, representing roughly 25 percent occupancy. While this appears modest at first glance, Hines notes that the business plan aims for full occupancy within the next 15 months. Rents range from 1,190 euros to 2,056 euros per month depending on views, height and terrace, with a total of 75 distinct price configurations. Real estate portals show Valdebebas’s average rent per square meter around 15.72 euros, placing these homes in the upper tier of local pricing. Hines is considering expanding rental options through corporate housing to accommodate companies needing multiple units for temporary assignments. Additional services for older residents may include laundry, cleaning or childcare. As per the building’s corporate materials, the available layout mix includes 122 one-bedroom flats from 39 square meters, 245 two-bedroom homes over 60 square meters, 14 three-bedroom units starting at 87 square meters, and 14 duplex penthouses from 74 square meters. Furnished or unfurnished options are available for all units. Vanessa Gelado, head of Hines in Spain, emphasized the national need for rental housing during the urbanization’s opening, noting ongoing demand in Madrid, Barcelona and other major cities and underscoring the requirement to deliver quality housing within the current economic context.
Other Spain investments
Hines has established itself as a major international investor, focusing on traditional rental housing and student accommodations, as well as offices, logistics parks and residential projects. The company’s latest large-scale initiative involved acquiring the land for a former Airbus factory site in Madrid, with plans to develop a 65,000 square meter logistics park close to Barajas Airport. The firm’s footprint in Spain dates back more than two decades, entering the market shortly after the Barcelona Olympic Games. Its current Spanish assets under management exceed a billion euros, spread across Madrid and Barcelona, signaling a sustained growth trajectory in the region. disclosures and regional market analyses.