Global rental housing investor Greystar has acquired a portfolio comprising three purpose-built student accommodation (PBSA) residences in Spain from Merkel Capital.
Greystar said it has completed the acquisition of the portfolio of over 1,200 beds across three assets located in Pamplona, Sabadell and Seville, without disclosing the amount paid for the transaction which was financed by Deutsche Pfandbriefbank (PBB).
Rafael Fernández-Villaverde, managing director of Greystar Spain, said: “Spain remains one of Greystar’s most resilient and attractive European markets, supported by solid demand from both domestic and international students and sustained institutional confidence in the sector. We believe this acquisition strengthens our position as we continue to scale our student housing platform across the country and reflects our conviction in the long-term fundamentals of the Spanish market.
“With capital to deploy and a proven track record of operational excellence through our Canvas brand, we believe we are well placed to capture future opportunities and deliver high-quality, sustainable accommodation that enhances the student experience.”
Alicia Álvarez, managing director of real estate finance at PBB Spain, said: “We are delighted to have supported Greystar in financing these properties, which demonstrate the strong potential of the student accommodation sector in one of our key European markets. We look forward to continuing to finance such assets with long-term growth prospects.”
Jokin Andueza, CEO of Merkel Capital, said: “The sale of these three residences, fully developed by Merkel Capital, highlights the quality of our projects, always in prime locations. We are proud that a global company like Greystar recognises the strength of our portfolio and our commitment to sustainable, high-quality developments.”
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