CaixaBank backs Stay's expansion with €120M BTR investment
Deal News | Mar 10, 2025 | Iberian Lawyer
CaixaBank has granted a €120 million financing facility to Stay, a Build-to-Rent (BTR) platform jointly owned by Nuveen and Kronos, to support its expansion in Spain. The financing, valued at €116.8 million, is intended for the development of three BTR projects located in Vilanova (Barcelona), Berrocales (Madrid), and Alcalá de Henares. This move signals CaixaBank’s commitment to advancing Spain’s rental market, which is witnessing rapid transformation with institutional investments in purpose-built rental housing gaining momentum. Stay, a joint venture by Nuveen and Kronos, is a leader in Spain’s institutional rental housing sector, focusing on sustainable and professionally managed residential properties. Ashurst played a pivotal role as the legal advisor to CaixaBank, with a diverse team from their Finance & Banking and Real Estate sectors, both in Spain and Luxembourg, guiding the financial structuring.
Sectors
- Real Estate
- Finance & Banking
- Legal Advisory
Geography
- Spain – The BTR projects are located in key urban areas in Spain (Vilanova, Berrocales, and Alcalá de Henares).
- Luxembourg – Ashurst's Luxembourg office was involved, highlighting a cross-border element in the advisory process.
Industry
- Real Estate – The article discusses a significant financial investment in the Build-to-Rent (BTR) sector, a branch of real estate focusing on purpose-built rental housing.
- Finance & Banking – CaixaBank's involvement in providing a substantial financial facility demonstrates the role of finance institutions in enabling real estate projects.
- Legal Advisory – Ashurst’s role as legal advisor showcases the importance of legal expertise in structuring and executing real estate financing deals.
Financials
- €120 million – Total financing facility provided by CaixaBank to Stay.
- €116.8 million – Valuation of the financing structured for the BTR projects.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CaixaBank | Lender | Company | A leading Spanish financial institution providing the €120 million financing facility. |
| Stay | Target Company | Company | A Build-to-Rent platform receiving the financing for its projects. |
| Nuveen | Owner | Company | Joint owner of Stay, involved in the BTR sector expansion in Spain. |
| Kronos | Owner | Company | Joint owner of Stay, partnering in the BTR ventures across Spain. |
| Ashurst | Legal Advisor | Company | Provided legal advisory services to CaixaBank for the financing deal. |