• Global Investment Manager adds circa 2,000 beds through transactions with Bain Capital to the Be Casa platform, representing €300m of Gross Asset Value.
• Be Casa will now be available to customers in Barcelona and Bilbao with more new apartments added to well-established Madrid presence.

LONDON and MADRID – January 21, 2025 – Greystar, a global leader in the investment, development, and management of high-quality real state across the living sector, has expanded its flex living portfolio in Spain adding more apartments in Madrid and extending its Be Casa brand to customers in Barcelona and Bilbao.

Greystar has acquired three assets from Bain Capital, a leading global investment firm. The investment was made through Bain Capital’s Special Situations team in Europe and is part of the firm’s Spanish flexible living development strategy. The acquisition of the assets marks a significant milestone in the co-living Spanish market, showcasing Bain Capital’s pioneering efforts in this asset class. Be Casa has reinforced its position as the largest provider of flexible living in Spain with more than 4,800 fully furnished apartments (including pipeline).

The three BREEAM Outstanding new build assets are:

• Alcobendas in Madrid with 888 beds, operational since July 2024 and demonstrating attractive rental growth.
• Barakaldo in Bilbao with 639 beds, currently under construction and expected to be completed in March 2026.
• Sant Cugat in Barcelona with 496 beds, also under construction and expected to be completed in July 2026.

Each building comprises studio, one, two and four-bedroom apartments with a range of resident amenities including co-working areas, restaurants, gym, pools, padel courts and large social areas enhancing the overall living experience.

Rafael Fernandez-Villaverde, Managing Director – Spain, Greystar, said: “Madrid, Bilbao and Barcelona are experiencing robust economic growth supported by thriving industry and a steadily increasing population. This has led to significant demand for high-quality rental solutions that offers short-, mid-, and longer-term options catering to the diverse needs of professionals, families, and international students. By pairing an already proven brand concept that is ready for expansion with Greystar’s global expertise, we are accelerating our growth in Spain while creating operational synergies that will deliver an even better living experience for residents.”

Rafael Coste Campos, a Partner at Bain Capital, commented: “The shortage of high-quality, affordable housing is a high conviction theme for the firm, one that we are poised to effectively address through our extensive research and local expertise. As demand for rental properties surges in gateway cities—areas that are persistently undersupplied—we see a significant opportunity to develop affordable, premium housing that surpasses conventional standards. These new developments will boast superior amenities and strong environmental credentials.”

David Cullen, a Partner at Bain Capital, added: “The collaboration between our deal and asset management teams, and the flexibility to create a specific capital solution, has been instrumental in delivering these important housing assets to the Spanish market.”

Launched in 2022 and owned by Greystar, Be Casa offers hybrid and accessible accommodation focused on the customer and their needs, bringing all the comforts of home with the convenience of a hotel. Be Casa currently provides a range of studio, one and two-bed apartments across three locations in Madrid totaling more than 2,500 fully -furnished apartments. Residents and guests can enjoy flexible stay options and adaptable living spaces, all with access to a wide range of modern amenities.
Advisors
Eastdil Secured and Cuatrecasas advised Bain Capital.
Jones Day, EY and CBRE advised Greystar as Legal, Financial and Tax advisors and technical advisors, respectively.

About Bain Capital
Bain Capital is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately $185 billion in assets under management. For more information, visit www.baincapital.com

About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates nearly $315 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. With a focus on doing things the right way, Greystar is driven by the vision of delivering world-class results with integrity. Greystar is the largest operator of apartments in the United States, manages over 1,000,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including approximately $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com

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