Student living operator Global Student Accommodation Group (GSA) has expanded its Spanish portfolio with the acquisition of Emilia Pardo Bazan, a 302-bed purpose-built student accommodation property in Madrid.
Under the terms of the transaction, GSA has acquired a 100% interest in Emilia Pardo Bazan from Corestate Capital Advisors GMBH for an undisclosed amount.
CaixaBank are providing debt financing for the deal that will expand GSA’s portfolio in Madrid to over 1,000 beds within the Ciudad Universitaria area and over 1,600 in the city.
Opened in 2018, the property comprises single, double and studio rooms, with several facilities for students including study rooms, canteen, laundry room, game rooms, gym, terraces, outdoor sport areas and a swimming pool. Emilia Pardo Bazan is operated by Nexo Residencias, GSA’s property management business in Spain.
‘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,’ commented Nicholas Porter, Chairman at GSA Group.
