Funds managed by Global Student Accommodation (GSA) have acquired Spanish student housing platform Nexo Residencias from Threesixty Developments, a company owned by funds managed by Oaktree Capital Management.
Nexo, which develops, owns and operates institutional quality student housing schemes, currently has a portfolio of over 2,200 beds located in Madrid and Barcelona. JLL advised Threesixty/Oaktree on the deal.
'We continue to deliver on our rapid European expansion plans, targeting higher education markets where there is a substantial supply-demand imbalance,' commented Nicholas Porter, founder and chairman of GSA.
'Private purpose-built student accommodation in Spain is an undersupplied and growing market that continues to present a compelling investment case,' said Bob Crompton, CEO of Threesixty Developments.
The sale of Nexo follows the divestment of Oaktree’s UK student housing platform and 7,100 bed portfolio to GSA in September 2016, on which JLL also advised.
'This highly attractive investment opportunity has generated significant interest from international investors and this is the first time a student housing business of these characteristics has traded in the Spain, making this a landmark transaction,' commented Nick Wride, alternative investment director at JLL. 'We expect to see much more activity in the student housing market in the coming months.'
