US investment management firm Harrison Street has joined forces with Madrid-based developer Alta Real Estate to develop a purpose-built student accommodation (PBSA) property in Salamanca, Spain.
Nexo Residences, the in-house local operator for university student living specialists, Global Student Accommodation Group (GSA) will manage the property, which is expected to deliver in July 2021.
Located in a residential neighborhood within walking distance from the University of Salamanca and Pontificia of Salamanca, the four-story PBSA will offer 260 studio apartments and modern amenities including a gym, study lounges, cinema room, outdoor seating and terraced garden and parking.
‘Salamanca is home to nearly 30,000 full time students yet only has accommodation for less than ten percent of that student population, with most of those options being severely outdated,’ said Paul Bashir, Chief Executive Officer of Harrison Street’s European business. ‘Alta Real Estate has a highly successful track record delivering top tier purpose-built student accommodations across Spain and we are pleased to continue our partnership with them to deliver much-needed modern housing options to students attending Salamanca’s prestigious universities.’
Juan Francisco Díaz Bermejo, managing partner at Alta Real Estate, said ‘Due to its long and prestigious university tradition, the wonderful city of Salamanca was always a primary objective for our successful JV with Harrison Street, who is a leader with a global presence in the markets in which it operates. After two years of dedicated work, we can finally announce the upcoming opening of our residence in Salamanca, a first class project, as the excellent and professional team at Harrison Street always demands of us, which we are sure will have a great reception among the students of Salamanca.’
Harrison Street has invested over €3.0 bn across 64 assets throughout Europe, including over 17,000 student accommodation beds. The firm’s Spanish experience includes investments across 11 PBSA assets with over 3,700 beds with experienced, local developers and operators.
This Salamanca property is part of a pipeline of over 1,000 beds that the JV between Harrison Street and Alta Real Estate currently has across select leading university cities in Spain, including Barcelona, Oviedo and Salamanca.
Furthermore, GSA and Harrison Street began their partnership in December 2015 and have since acquired 27 properties accounting for over 8,600 beds across the U.K., Ireland and Spain.
