LONDON – Värde Partners, a leading global alternative investment firm specializing in credit and credit-related assets, has entered into a definitive agreement with CBRE Investment Management (“CBRE IM”) to recapitalize Värde’s ownership stake in Vía Célere, a leading Spanish residential developer. The transaction values Vía Célere at nearly €1 billion.
This transaction, representing a €300 million commitment from CBRE IM on behalf of its Indirect Private Real Estate Division, builds on CBRE IM’s extensive experience in Spain and underscores its conviction in the country’s robust residential market.
Värde established its position in Vía Célere in 2017, and through a series of mergers and acquisitions successfully grew the company into one of Spain’s premier homebuilders. Vía Célere delivered a record number of residential units in 2024 and boasts one of the largest, highest-quality landbanks in Spain, with the capacity to develop more than 12,500 new homes across Madrid and other major cities.
Anthony Iannazzo, Partner at Värde and non-executive member of the board of Vía Célere, said: “This recapitalization by CBRE IM speaks to the strength of Vía Célere’s platform and its business plan. We are proud of what the company has achieved under Värde’s stewardship and the results we have been able to achieve for our investors. We believe Vía Célere is exceptionally well-positioned to continue delivering high-quality homes to an undersupplied market and that this will only be enhanced by CBRE IM’s commitment and expertise.”
Line Verroken, Head of Living Investments, EMEA, CBRE IM Indirect Private Real Estate, said: “Vía Célere presents a compelling opportunity to access Spain’s residential sector through a best-in-class development platform supported by a deep land bank and strong forward business plan. The Spanish residential market demonstrates strong supply-demand dynamics, and we look forward to supporting Vía Célere’s growth and success in meeting the needs of this important market.”
“We believe this is a compelling opportunity to deliver long-term value for our investors through a well-capitalised, scalable business with a proven track record, and look forward to executing the next phase of growth,” added Kilian Toms, Managing Director, Real Estate Secondaries at CBRE IM.
Värde was advised by Evercore and Eastdil Secured. CBRE IM was advised by CBRE. The transaction is expected to close in September, subject to customary closing conditions.
About Värde Partners
Värde Partners is a leading global investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $100 billion across the credit quality and liquidity spectrum and currently manages $17 billion in assets. With local investment teams and partnerships in North America, Europe and Asia Pacific, Värde invests across private and public markets with a focus on real estate, asset-based finance and corporate credit. For more information, please visit www.varde.com.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $149.1 billion in assets under management as of March 31, 2025, operating in 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
Vía Célere
Vía Célere is a leading Spanish real estate developer specializing in residential assets. Founded in 2007, Vía Célere is a benchmark property developer in the Spanish residential market holding one of the largest and highest-quality land portfolios. The company advocates for innovation and sustainability as the fundamental pillars of its projects, while also demonstrating a steadfast commitment to the satisfaction of its clients, shareholders, and the professional development of its employees.