A European student accommodation investment venture between Henderson Park and Hines has acquired a site in Spain for a 350-bed student housing development project.
The Cristobal de Moura development will also comprise 3,610sqm of office and 176 sqm of retail, the partners said in a joint statement.
Financial and vendor details were undisclosed.
Henderson Park and Hines teamed up in November 2017 to pursue value-added investments in the European student accommodation sector.
The companies said the latest acquisition represents the third student accommodation investment acquired by Henderson Park and Hines’ joint venture.
Following this acquisition, the joint venture has assembled a development portfolio of 1,730 student beds, including a 630-bed development in Lancaster, UK, which is due to open in time for the 2019/20 academic year, the companies said.
Nick Weber, founding partner of Henderson Park, said: “The attractive fundamentals of the student housing market and the current lack of institutional-backed product in Barcelona presents a unique window for investment, which we are capitalising on.
“Hines is a world class operator in this space and together we remain focused on progressing our existing projects across both Spain and the UK and creating high quality living environments for students.”
Lars Huber, CEO of Hines Europe, said: “Our latest acquisition with Henderson Park continues our strategy of targeting development and value-add student accommodation opportunities in Europe’s leading university cities.
“This project will complement our existing scheme in Barcelona and will be overseen by our growing team in Spain, led by Vanessa Gelado, while our Aparto platform will ensure we deliver not only the highest quality accommodation but also an exceptional student experience.”