- Acquisition of two income producing assets in highly prized central Barcelona areas
- Structural undersupply of purpose-built student housing in Spain, driven by strong foreign student demand and rising mobility of local student population
- PATRIZIA observes rising occupancy rates in European student housing with post-Covid return to universities accelerating
- With this latest investment, PATRIZIA has acquired over EUR 470m in student accommodation in the last 12 months and PATRIZIA’s assets under management in Iberia increase to over EUR 2bn
Augsburg/Madrid, 24 August 2022. PATRIZIA, a leading partner for global real assets, has invested in a portfolio of purpose-built student accommodation (PBSA) in central Barcelona, on behalf of its institutional clients.
With 20,468 sq m of residential space, the portfolio which is income producing from day one consists of two buildings with parking and a total of 635 units. The first building, ‘Marina’, which makes up 538 units, is located in the 22@ district of Barcelona. The second building, ‘Poble Sec’ with 97 units, is in the Sant Antoni area of the city. The assets which were built in 2009 and 2007 respectively, were both fully refurbished in 2017 and boast excellent amenities such as a gym, a lounge, meeting rooms, a lecture theatre and five rooftop swimming pools.
Eduardo de Roda, Country Head for Iberia at PATRIZIA, commented: “The rising mobility of Spain’s student population and the growing appeal among foreign students wanting to study in cities like Barcelona means that there is a structural undersupply of high-quality purpose-built student accommodation in Spain. Our latest acquisition in Barcelona ticks all those boxes and more, with strong local amenities and transport links.”
With this acquisition PATRIZIA has assembled a student accommodation portfolio that is truly pan-European including Copenhagen, Dublin, Hamburg and now Barcelona.
Including this latest investment in Barcelona, PATRIZIA has acquired over EUR 470m in student accommodation over the last 12 months. The transaction also increases PATRIZIA’s assets under management in Iberia to over EUR 2bn.
Antonio Marin-Bataller, Managing Director, pan-European Transactions at PATRIZIA, said: “Despite the uncertain market environment, student housing remains resilient and is one of our top picks among the living sectors. Occupancy rates are nearing record highs in many European cities as students return to universities and the overall number of students is on the rise, even compared to pre-Covid. Therefore, we will continue to thoughtfully select PBSA opportunities in Europe in those cities that have a strong spirit of innovation and connectivity.”
KPMG advised PATRIZIA on legal and tax affairs , while Cushman & Wakefield acted as the commercial advisor. On the seller’s side Savills acted as the advisor.
PATRIZIA: A leading partner for global real assets
With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 38 years. PATRIZIA manages more than EUR 56 billion in assets and employs over 1,000 professionals at 28 locations worldwide. Through its PATRIZIA Foundation, PATRIZIA is committed to social responsibility. The Foundation has helped around 250,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 23 years. You can find further information at www.patrizia.ag
Contact:
Greg Morsbach
Corporate Communications
Phone: +44 7889 995604
communications@patrizia.ag
