A student residence joint venture between EQT Exeter, the global real estate firm, and Grupo Moraval, a Spanish developer, has aggregated a portfolio of 13 assets across ten cities in Spain since setting up two years ago.
Carlos Molero, MD at EQT Exeter, Spain, said the JV had already exceeded its initial investment and scale objective.
‘We are tremendously satisfied with the scale achieved in just two years. We have undertaken a very selective asset aggregation strategy and our focus now is both on the development and management of these assets.’
The student portfolio spans 4,500 beds for a strategy launched in May 2021 to create a portfolio of high-quality sustainable and affordable student accommodation in the country. Upon launch, it already had two sites in Seville and Málaga comprising approximately 1,500 beds.
In September this year, two new complexes will be inaugurated in Madrid; Nodis Pozuelo de Alarcón and Nodis Vicálvaro, with 600-plus beds. In 2024 and 2025, the rest of the complexes are expected to open in Barcelona, Madrid, Granada, Málaga, Gerona, Valencia, San Sebastián, Pamplona and Murcia.
Molero added the JV does evaluate future opportunities and would not be drawn on when the time would be right to exit.
