Investment firm Azora has acquired a student residence in Spain from a LaSalle Investment Management and Urbania partnership.
Azora has invested an unspecified sum to acquire the 14,500sqm asset in Cerdanyola del Vallès, Barcelona, which has been operational since September.
The asset was developed by LaSalle’s European value-add investments platform, in partnership with Urbania.
Ignacio Gil-Casares, partner at Azora’s private business, said: “We are very pleased to add this purpose-built student accommodation asset (PBSA) in Barcelona to our portfolio, in a market experiencing strong growth driven by robust demand and structurally constrained supply.
“This acquisition reinforces our objective of supporting private investors in building globally diversified portfolios, leveraging our sourcing, underwriting and execution capabilities in key markets.”
In November 2024, LaSalle and Urbania announced a joint venture to develop a portfolio of living assets in Spain. The first two transactions included a PBSA project in Barcelona and a flex-living scheme on an adjacent land plot consisting of 255 units.
Blake Loveless, head of value-add investments, Europe, LaSalle, said: “We’re extremely pleased with this successful exit, which demonstrates our European value-add investment strategy in action. Having partnered with Urbania to develop this institutional-quality PBSA asset from the ground up, we’ve delivered attractive returns for our investors while creating a best-in-class student housing facility in a high-demand location.
“This transaction validates our conviction in the European living sector and our ability to execute complex development projects that create long-term value across our target markets.”
Jeffrey Sújar, managing partner of Urbania Living, said: “We are very satisfied with the sale of this outstanding asset to Azora, which forms part of our planned divestment strategy with LaSalle IM.
“The project has met all our objectives, delivering a highly sustainable, BREEAM Excellent certified development that will become a benchmark in this high-demand university area.”
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