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Greystar/Axa/CBRE GI buy four more PBSA assets in Spain

Greystar Real Estate Partners, AXA Investment Managers – Real Assets and CBRE Global Investors have jointly acquired four student accommodation assets in Spanish cities Madrid, Valencia and Málaga.

The 1,100-bed portfolio was purchased from a joint venture of Urbania and Invesco Real Estate. The deal is one of the largest in the student accommodation sector in Spain to date.

Greystar will operate the new assets under the RESA brand, which it acquired in 2017. The Platform – a joint venture entity through which the three purchasers acquired the assets – now owns 11,100 beds in 43 residences located in 20 Spanish cities.

Three of the newly acquired assets are being procured through forward purchase agreements and are at advanced stages of construction with completion expected in March 2021. The fourth, in Madrid, is ready for occupation.

“While there has been some short-term uncertainty this year as a result of the pandemic our portfolio has performed well and student accommodation remains one of the residential asset classes we continue to invest in, attracted by the highly visible operationally backed income streams it offers,” said Esther Escapa, head of transactions and developments for Spain & Portugal at AXA IM – Real Assets.

“The Spanish student accommodation market in particular, is also both highly fragmented and undersupplied, presenting an opportunity for further consolidation and growth.”