Commerz Real Capital Management’s open-ended European student accommodation and micro-apartments fund has bought a student housing project in Spain from Henderson Park and Hines.
The Commerz Real Institutional Smart Living Europe Fund is investing an undisclosed amount to forward fund the 743-bed purpose-built student accommodation currently under construction in 22@Barcelona.
Henderson Park and Hines bought the project in August 2018 and have subsequently progressed the development which is on target to be operational in time for the 2022/23 academic year.
Once complete, the 8-storey building will be managed by Hines’ property management team, via its aparto brand.
Nick Weber, founding partner of Henderson Park, said: “We identified Barcelona as a market with highly attractive supply and demand dynamics for the student accommodation sector.
“Over the past few years since acquiring the site, we have worked together with Hines to bring forward two first-class institutional quality educational and residential assets.”
Vanessa Gelado, senior managing director and country head for Spain, at Hines, said: “22@Barcelona is one of the largest urban regeneration schemes in Europe and is famed for innovation. We’re delighted to play our part with over 75,000sqm under development across this dynamic hub with the student living project central to its genesis.”
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