US investment manager Harrison Street has joined forces with Barcelona-based construction and development company TEC Engineering to develop a new 444-bed purpose-built student accommodation (PBSA) property in Pamplona, Spain.
Comprised of two interconnected buildings with 360 units, the PBSA asset is located in Pamplona’s city center, close to the University of Navarre and Public University of Navarre. The residence will offer top-tier amenities including a gym, study lounges, cinema room, outdoor lounge, and parking. The ground floor and basement will be occupied by a large Spanish supermarket chain, Eroski. The property is scheduled to open in summer 2023.
Paul Bashir, Chief Executive Officer of Harrison Street’s European business, said, ‘Pamplona is home to leading Spanish universities and a large and growing student population, yet it lacks high-quality student housing options. Additionally, Spain is a top 10 global student destination, and we are excited to deepen our presence in this attractive market as well as expand our partnership with TEC, an experienced local developer with a strong track record, to deliver modern and needed living options for Pamplona’s students.’
Bernat Aymerich, Chief Executive Officer at TEC said, ‘We are excited to bring a new, high-quality student accommodation to Pamplona and continue our partnership with industry expert, Harrison Street. TEC is proud to bring our Spanish student housing expertise to Pamplona to offer attractive living spaces for students and necessary accommodation for the city’s abundant summer tourists.’
This transaction further expands Harrison Street’s presence in Spain, growing the firm’s Spanish student housing portfolio to approximately 4,200 beds. Harrison Street has invested €3.6 bn across 70 assets throughout Europe, including over 18,000 student accommodation beds, 2,600 residential units and 2.1 million square feet of life sciences space.
