Patrizia has acquired a portfolio of purpose-built student accommodation (PBSA) in central Barcelona on behalf of its institutional clients.
The manager said the portfolio consists of the 538-unit Marina building in the 22@ district of Barcelona and the 97-unit Poble Sec building in the Sant Antoni area of the city. The assets which were built in 2009 and 2007 respectively, were both fully refurbished in 2017.
Eduardo de Roda, country head for Iberia at Patrizia, said: “The rising mobility of Spain’s student population and the growing appeal among foreign students wanting to study in cities like Barcelona means that there is a structural undersupply of high-quality purpose-built student accommodation in Spain.
“Our latest acquisition in Barcelona ticks all those boxes and more, with strong local amenities and transport links.”
Including this latest investment in Barcelona, Patrizia has acquired over €470m in student accommodation over the last 12 months.
The transaction also increases the firm’s assets under management in Iberia to over €2bn.
Antonio Marin-Bataller, managing director, pan-European transactions at Patrizia, said: “Despite the uncertain market environment, student housing remains resilient and is one of our top picks among the living sectors.
“Occupancy rates are nearing record highs in many European cities as students return to universities and the overall number of students is on the rise, even compared to pre-Covid.
“Therefore, we will continue to thoughtfully select PBSA opportunities in Europe in those cities that have a strong spirit of innovation and connectivity.”
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