Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing, AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading⁽¹⁾ real estate portfolio asset manager in Europe and CBRE Global Investors (“CBRE GI”), a global leader in real estate investment management have acquired four freehold student accommodation assets in Spain’s tier one cities of Madrid, Valencia and Málaga.

The portfolio comprises 1,100 beds and was purchased from a joint venture between Urbania and Invesco Real Estate by a platform (the “Platform”) which is majority owned by AXA IM - Real Assets and CBRE Global Investment Partners, the indirect strategies business line of CBRE GI, both acting on behalf of clients, alongside Greystar. The acquisition constitutes one of the largest transactions in the student accommodation sector in Spain to date – exceeded only by the Platform’s acquisition of all 37 student accommodation assets (9,400 beds) in 2017.

Greystar, which manages the Platform, will operate the new assets under the market leading RESA brand, which it acquired in 2017. The Platform now owns a total of 11,100 beds across 43 residences in 20 Spanish cities, with the new assets increasing RESA’s offering in Madrid, Valencia and Malaga where the brand is already present and enjoys strong demand. Three of the newly acquired assets are under forward purchase agreements and are in advanced phases of construction with completion expected in March 2021, while the fourth in Madrid is ready for occupation.

Each asset offers a choice of accommodation to suit different needs with a range of different room types. The en-suite rooms have air-conditioning, a premium internet connection and come fully furnished. Residents benefit from 24/7 support from the onsite community team and can enjoy a range of amenities including fully equipped gyms, study areas, laundry rooms and in some cases even an outdoor pool.

Commenting on the acquisition, Juan Manuel Acosta, Managing Director – Spain, Greystar, said: “The transaction enables us to strengthen our leadership position as the largest operator of student accommodation in Spain. It is rare to be able to acquire a portfolio of this scale and quality in Spain and it will significantly enhance our existing offering. RESA has remained resilient despite the uncertainty of this year achieving around 97% occupancy, which underpins the strong fundamentals of the student accommodation sector in Spain.”