DC Advisory advises Aurora Homes on the sale of an affordable housing turnkey project to Barings
Background
- Aurora Homes is a Spanish real estate developer specializing in the development, management and commercialization of new residential housing for sale and for rent. Aurora Homes also specializes in affordable housing (both free and subsidized: VPO, VPPL, VPPB, etc)
- Aurora Homes manages every phase of the value chain model from the identification of new land opportunities, construction, to project management
- Headquartered in North Carolina, US, Barings is a global alternative asset manager with expertise in credit and insurance, real assets, and capital solutions across public and private markets. As of December 2025, Barings had $481 bn in AuM (47% Americas, 25% EMEA and 28% APAC)
Process
- DC Advisory was appointed as the exclusive financial advisor by Aurora Homes to identify a partner to develop a Build to Rent (BtR) platform in Madrid, Spain
- The Project is a turnkey BtR development project comprising of 305 affordable housing units (24,000 sqm of buildable area) located in Los Cerros – Phase 2 in the district of Vicálvaro, one of the Madrid’s most strategic urban developments. The total investment amounts to over €70m
- DC Advisory leveraged its extensive sector experience and access to top-tier Real Estate investors (institutional and alternative funds, family offices, private equities, debt funds, among others) to successfully assist Aurora Homes throughout the entire process
Outcome
- In March 2026, Aurora Homes and Barings reached a forward purchase agreement. The construction is expected to commence in Q1 2027, with the delivery of the residential units scheduled for 2029
- The transaction illustrates DC Advisory’s consolidated expertise and capabilities in the Real Estate sector, and demonstrates the firm’s track record providing M&A and capital solutions to clients across all Real Estate segments
“This agreement represents a significant step forward in our growth strategy, as it incorporates turnkey Build-to-Rent (BtR) projects that complement our development activities, both free-market and affordable housing, as well as our cooperative management business. This transaction with Barings highlights our capability to design and deliver large-scale projects for rental, meeting quality and efficiency standards aligned with institutional capital requirements. We particularly value Barings’ commitment in Spain to expanding the supply of protected rental housing and strengthening the residential offering in high-demand markets.”
“We thank Aurora Homes for the trust they placed in DC Advisory to carry out this project together, as well as Barings for their permanent commitment to the Real Estate segment of the Spanish market. And of course, none of this would have been possible without the work of the extraordinary teams that made it possible to successfully complete this project.”
- Real Estate
- M&A Advisory
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