The management company Argis has decided to sell individually the thousand homes it purchased from Acciona Inmobiliaria at the end of 2025, including 420 in Terrassa, in the AEG area. The operation, valued at €324 million, represents a shift towards the 'privatisation' of assets originally intended for rental.
The management company Argis has put up for sale individually the 1,016 flats it acquired from Acciona Inmobiliaria last November, a portfolio that includes 420 homes in Terrassa, in the area known as AEG. The operation, which at the time reached €324 million (about €320,000 per flat on average), signifies a radical change in the initial strategy: the properties were promoted by Acciona under the 'build to rent' formula, but Argis has opted to sell them on the retail market, a rising trend known as 'privatisation'.
The homes in Terrassa are concentrated in the urban regeneration project of the AEG area, near the Nord train station and with good connections to Barcelona. They are the most affordable in the entire portfolio: prices start at €194,000 and the most expensive reach €373,000, with an average cost of about €3,000 per square metre. In total, 420 flats are coming onto the market at a time of strong demand in Vallès Occidental.
In Barcelona city, Argis is marketing 184 homes in La Marina del Port, next to the Fira de Barcelona, with prices starting from €390,000 and maximums close to €500,000, with costs ranging between €4,000 and €4,500 per square metre. In Madrid, the remaining 412 are distributed between the Tetuán district (120 flats) and Tres Olivos (292), with price ranges from €373,000 to €800,000 and square metre costs ranging from €4,500 to €8,100.
The marketing of the homes in Terrassa and Barcelona is handled by Activum, while those in Madrid are managed by Argis's internal team. The management company, led by Alejandro Schuvaks, acquired the assets from Acciona Inmobiliaria, a subsidiary of the construction and infrastructure company, in an operation that was then presented as a bet on rental. However, the significant appreciation in housing prices in recent months has led Argis to change course.
The 'privatisation' of rental portfolios has become one of the major trends in the Spanish real estate market. It involves buying entire buildings or groups of homes that are already rented or stabilised, to then sell them flat by flat, taking advantage of the price increase. Rental returns, which are much tighter, thus take a back seat to the immediate capital gains offered by sales.
For the residents of Terrassa, Argis's decision means that 420 homes that could have come onto the rental market are now being offered for sale, in a context of rising prices. The average price per square metre in the city is around €2,500, according to industry data, so the €3,000 for these developments is above the local average. Nevertheless, the starting price of €194,000 for a flat in the AEG area is competitive compared to other areas of Vallès.
The operation is set against a backdrop of a booming residential market in Spain, where a shortage of supply and sustained demand are pushing prices upwards. Argis is not the only management company opting for 'privatisation': in recent months, several funds have followed this strategy to profit from their portfolios. The question now is whether this trend will further reduce the rental supply in municipalities like Terrassa, where the demand for rental housing is high.
The flats in Terrassa can already be viewed on the main real estate portals. The marketing is conducted individually, with no possibility of purchasing in lots, according to industry sources. Argis expects to complete the sale of the entire portfolio within a period of 12 to 18 months, although the pace will depend on market developments.
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