French corporate and investment bank Natixis is providing Henderson Park and Hines with €27.5 million of development financing for two projects in Barcelona, a purpose-built student accommodation asset and an adjacent office building.
The projects are located on Cristóbal de Moura street, in the 22@ Norte district, on land acquired by Henderson Park and Hines in 2019.
The student housing facility will comprise 350 beds and the office building will provide 3,610 sq m of space. Construction started in May 2021 and both are scheduled for completion in the summer of 2023.
Once completed, the student residence will be managed by Aparto, the dedicated student accommodation brand and platform at Hines.
The project has been designed to meet the highest standards of sustainability and technology, with both assets aiming to secure LEED Gold and WELL ratings. WiredScore certification is also being sought for the office building.
“This latest milestone follows our recent successful realisation, through a forward funding agreement, of another PBSA asset under construction in the 22@ area,” said Christophe Kuhbier, managing director at Henderson Park. “These transactions demonstrate the demand for exposure to best-in-class, ESG-certified student accommodation assets.”
The 22@ district of Barcelona is close to the new university campuses of the Universitat Politècnica de Catalunya, and the Toulouse Business School.
There is a constrained supply of student accommodation in Barcelona with an estimated 8,700 PBSA beds in operation and 165,000 students on average per year. There are 19 students for every available PBSA bed, which reflects the need for a greater supply of PBSA in Barcelona, Henderson Park pointed out.