Real estate group Greystar has doubled its Spanish purpose-built student accommodation (PBSA) portfolio with the acquisition of two residences from Straco Real Estate.
Greystar said it has acquired the assets located in top-tier university cities Salamanca and Valencia, adding an additional 1,600 beds to its portfolio in Spain, which now totals around 3,000 beds.
The properties will operate under the Canvas brand, Greystar’s pan-European brand for students and young professionals.
Rafael Fernández-Villaverde, managing director of Greystar Southern Europe, said: “We believe Spain is one of the most promising European markets at the moment with the PBSA market experiencing sustained growth due to factors such as the country’s globally competitive universities, and relative affordability driving a growing international student population. Meanwhile, the country continues to experience an undersupply of quality student housing.”
Greystar returned to Spain’s PBSA sector in 2023, a year after exiting through the sale of the RESA platform.
Fernández-Villaverde added: “By demonstrating how we can adapt our global expertise and tailor it to serve regional markets, we are now one of the largest PBSA operators in Spain under the Canvas brand. Through this acquisition of two assets across key university cities, we will continue to tap into demand in the right places – particularly in Valencia – currently the country’s most undersupplied PBSA market.
“With capital to deploy, we’re continuing to scale our student housing platform across Europe and are actively looking for opportunities to deliver high-quality, professionally-managed housing.”
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