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GSA Acquires Scheme in Madrid

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Global Student Accommodation (GSA) has acquired a 302-bed block of student accommodation in Madrid.

Dubbed Emilia Pardo Bazan, GSA bought the scheme from Corestate Capital Advisors GMBH.

CaixaBank is providing debt financing for the transaction that will further establish GSA's position in Madrid, resulting in more than 1,000 beds within the Ciudad Universitaria area and over 1,600 in the city.

The development opened in 2018 and consists of single, double and studio rooms. It also comes equipped with study rooms, canteen, laundry room, games room, gym, terraces, outdoor sports areas and a swimming pool.

Commenting on the deal, Nicholas Porter, Chairman at GSA Group, said: "Completing this transaction highlights our in-depth sector experience and considered approach, especially in today's climate, to investing over the medium and long term. This acquisition strengthens GSA's position as the PBSA provider of choice in Madrid, underpinned by the resilience of the higher education sector and the supply and demand imbalance of quality student accommodation."

"Emilia Pardo Bazan is a market-leading and centrally-located asset that will add even more value for our stakeholders, providing investors with increased exposure to the Madrid's significant student population, while allowing us to better serve the students we accommodate."

"This is our first acquisition with CaixaBank providing debt financing and we look forward to further building our relationship in the region."