Global real estate investment manager EQT Exeter has sold a portfolio of 12 Spanish student housing properties to alternative investment platform Azora.
The sale involved assets located in nine different Spanish cities and was conducted by the EQT Real Estate II fund.
In 2021, EQT Exeter partnered with Grupo Moraval to develop around 1,500 beds of affordable student housing with significant amenities, catering primarily to Spanish students.
EQT Exeter rapidly grew its Spanish student housing portfolio from 1,500 to 4,100 beds across major and secondary cities. Within two years, the joint venture became the fourth largest such portfolio in Spain, notable for its high standards, including several LEED Platinum-certified buildings—a European first for student accommodation.
Tom Livelli, partner and head of Living Strategies, Europe, EQT Exeter, said: ‘This transaction underscores the strong and growing demand for high-quality student housing in Europe, supported by robust fundamentals and resilient market dynamics. Spain remains a top investment destination, with strong economic growth and a structural undersupply of student housing. We remain committed to expanding our presence in the European living sector.’
Carlos Molero Sánchez de la Blanca, managing director, EQT Exeter, commented: ‘Our selective aggregation strategy, combined with a deep understanding of the specific needs of students and a focus on the operational and design aspects of each building, have allowed us to achieve significant scale and deliver a highly resilient, downside-protected portfolio with a high social impact.’
Alvaro Soto de Scals, CEO, Grupo Moraval, said: ‘The portfolio is built with state-of-the-art technology and quality; with sustainability a core element for both Group Moraval and EQT Exeter.’
José Alonso, partner, Azora, added: ‘After closely monitoring the market for several years, we believe now is the ideal time to reenter the PBSA sector to provide solutions to the current shortage of student housing in Spain and other Southern European countries. The platform established by EQT Exeter and Grupo Moraval aligns with the high standards of our PBSA vehicle and will serve as the foundation for our expansion in Southern Europe.’
Azora's purchase marks its re-entry into the student housing market, a sector where it previously held the largest portfolio in continental Europe. This acquisition will serve as the base for a new student housing initiative aiming to reach 10,000 beds across Southern Europe.
Linklaters advised EQT Exeter, while CBRE Investment Bank and Garrigues advised Azora on the transaction.
