Global Student Accommodation (GSA) has announced its expansion into Spain after having acquired a Spanish student accommodation portfolio.
The portfolio consists of 914 beds across three properties, plus a further 1,320 beds currently in development, which were acquired from funds run by Oaktree Capital Management.
Commenting on the deal, Nicholas Porter, founder and chairman of GSA, said: "We continue to deliver on our rapid European expansion plans, targeting higher education markets where there is a substantial supply-demand imbalance.
"Our brands are carefully targeted towards students, capturing the demand for good quality purpose-built student accommodation combined with excellent customer services."
All of the operational beds are located in central Madrid. The portfolio consists of Galdos, with 370 beds in the centre of the city's main university campus, El Faro with 358 beds in a newly developed building, and Claraval, a prime city centre location comprising of 186 beds.
A further building will be added to the Madrid portfolio when the Lope de Vega University Residence is opened in September, which will be able to accommodation 468 domestic and international students.
Alongside the operational residences, the deal also includes two further development schemes in Barcelona. The two sites are expected to be operational by 2019 and will bring the total number of beds under management in Spain to 2,234.
The expansion into the Spanish market will see GSA also take on the Nexo Residencias brand, making it the third in Europe for GSA, alongside The Student Housing Company and Uninest Student Residences.