Just over a year since selling its "Resa" platform, the US firm Greystar is back in the Spanish student living sector with a deal in Madrid.
In August 2022, Greystar, AXA IM Alts and investors represented by CBRE Investment Management sold Residencias de Estudiantes en España to PGGM Infrastructure Fund.
Resa grew to become Spain’s largest student accommodation platform with around 11,200 beds in 21 key student cities at the time of sale, including venues in Madrid, Barcelona and Valencia.
This week, Greystar said it has bought a 435-bed PBSA asset, which is a fully permitted freehold plot, at Madrid Autonomous University’s (UAM) Cantoblanco Campus from TPG and Urbania.
It will be operated under Greystar’s pan European "Canvas" brand and open before the end of 2025. Canvas has 12 operational assets and a further 7 in the pipeline comprising more than 9,000 beds for student accommodation and young professional housing in university cities across the UK, the Netherlands, Germany, France and now Spain.
Greystar will build a mid-rise purpose-built student accommodation development with a range of lifestyle amenities such as co-working space, residents lounge and a gym. Works will start on site immediately.
Rafael Fernández-Villaverde, senior investment director for Southern Europe, said: 'In little over a year, we have achieved our goal of creating truly pan-European PBSA brand with Canvas quickly becoming synonymous with not only high-quality accommodation and amenities but a focus on providing a service that puts our resident experience and wellbeing at its heart.'
