Commerz Real has acquired a student residential complex in Barcelona with 673 units for 743 residents from a joint venture between the investment manager Henderson Park and the project developer Hines.
Financial details were not disclosed.
The property, dubbed 'Pallars', is currently under construction in the 22@ district. The scheme has been acquired for Commerz Real's Institutional Smart Living Europe Fund in a forward funding arrangement.
The property comprises a total leasable area of 26,086 m2 distributed across a four-storey wing and four eight-storey high-rise buildings. In addition to the double and single bedrooms, there are 34 car parking spaces, 211 motorcycle stands and 105 bicycle stands in the integrated car park. It is targeting Leed Gold and Well Platinum certification.
Pallars is located near the campus of the public Pompeu Fabra University, at which some 13,000 students are currently enrolled, and the campus of Toulouse Business School, which is currently under construction and which will have 1,000 students upon completion in mid-2022. The latter is also a project between Henderson Park and Hines.
Aparto, a subsidiary of Hines specialising in student apartments, will manage the complex following its scheduled completion in September 2022. The deal marks the third investment for the Commerz Real Institutional Smart Living Europe Fund.
Commerz Real managng director Heiko Szczodrowski said: 'Barcelona unites a major cultural, economic and climatic appeal with beautiful countryside in a unique manner, and is thus one of the world’s most attractive metropolises.
'In the past 10 to 20 years the city has also completed a successful transformation into an internationally established location for technology, services and sciences, and with some 200,000 students it is one of Europe’s largest university cities.'
Vanessa Gelado, senior management director and country head for Spain at Hines added: '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 75,000 m2 under development across this dynamic hub with the student living project central to its genesis.
'Working alongside Henderson Park, we continue to focus on delivering these residences for the 2022/23 academic year and look forward to the ongoing property management of the site via our 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.
'As the projects progressed we received a number of offers for these assets with continued strong investor demand for high quality properties in these sectors. We took the opportunity to accelerate our business plan via these early disposals.'
Cushman & Wakefield and Garrigues advised Henderson Park and Hines on the sale of the property.
Commerz Real was advised by Savills and Cuatrecasas.
