189-bed Brighton Scheme Gains Approval
14th Dec 2017
Greystar has snapped up Spain's largest student accommodation provider in a joint venture with two investment firms.
The global company acquired Spain's Resa for an undisclosed sum and marks Greystar's first move into the Spanish housing market. The company already manages a 40,000-bed European student portfolio with assets in the UK, Germany and the Netherlands.
The two investment firms involved in the deal were AXA IM - Real Assets and CBRE GIP. The investment companies acquired the majority of Resa's assets, while Greystar acquired the remaining portfolio and will act as the asset manager.
The Resa assets will continue to operate under the same name, but will be managed by Greystar.
Commenting on the deal, Steven Zeeman, managing director of investment management at Greystar said: "Spain is presently one of Europe's fastest growing economics with a serious shortage of purpose-built rental accommodation suitable for students and young professionals in the larger cities."
Mr Zeeman also noted Resa has "considerable growth potential", with increasing numbers of foreign students one of the biggest trends in the student accommodation landscape.
He added: "Spanish cities are very popular destinations for this target group. The universities are of good quality with more and more English courses and still relatively affordable."
Resa owns 37 sites, four of which are currently under development.
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