Nuveen Real Estate, an investment manager, and Kronos Investment Group, a real estate investor, completed the formation of the a buld-to-rent joint venture. Financial terms were not disclosed. “The Build-to-Rent sector in Spain is critically undersupplied and lacking in good quality stock. Coupling this with current constraints on mortgages, changing demographics and a growing consumer preference for flexibility, location and prime modern rental offerings means the development of these new units is crucial for the Spanish residential market at present," Marta Cladera de Codina, Nuveen Real Estate Head of Iberia.