Corestate Capital has acquired a redevelopment asset in Madrid, Spain, to realise a student housing project.
The new scheme will provide 4,022 m2 of space, featuring 260 rooms with 302 beds.
The transaction volume was not disclosed.
'Madrid is a very attractive destination for national and international students alike as numerous public and private universities offer a great variety of graduate and undergraduate studies. Due to the high demand for living space and the extreme privileged location of the asset, we strongly believe that this project will be well accepted by its tenants,' commented Thomas Landschreiber, CIO of Corestate.
The current asset, which has been operated as a student residence for the past 44 years, is situated in the ‘Ciudad Universitaria’ neighbourhood, where nine universities with over 120,000 students are located.
Corestate will demolish the current building and construct a student residence including a reception and concierge, common spaces with a restaurant, gym and laundries, as well as recreational areas.
