10 November 2020
A consortium of three asset managers, Axa Investment Managers Real Estate (Axa IMRA), Greystar Real Estate Partners and CBRE Global Investors, have acquired four freehold student accommodation assets in Spain for an undisclosed sum.
It was purchased from a joint venture between Urbania and Invesco Real Estate through a platform which is majority owned by Axa IMRA and CBRE Global Investment Partners.
Greystar, which is the manager of the platform, will operate the new assets.
“While there has been some short term uncertainty this year [...] our portfolio has performed well, and student accommodation remains one of the residential asset classes we continue to invest in, attracted by the highly visible operationally backed income streams it offers,” Esther Escapa, head of transactions and developments for Spain & Portugal at Axa IMRA, said in a statement.
She continued by saying that the Spanish student accommodation market in particular is also both highly fragmented and undersupplied, which presents an opportunity for further consolidation and growth.
The properties are spread out across three Spanish cities; Madrid, Malaga, and Valencia.