Global investment firm King Street Capital Management and local student housing partner Medinvest Asset Management have announced plans to invest €250 mln in Spanish student housing assets over the next 12 months.
The joint venture partners, which have already invested close to €200 mln since teaming up in 2021, operate the so-called Bravo! Students brand, which owns six assets in various major university cities across Spain.
Medinvest is in exclusivity to acquire a further four assets which will add another 900 beds to the platform, bringing the total beds in the portfolio to 3,600.
The first residence in the Bravo! Students portfolio opened in Granada, in September 2023. The property boasts 300 beds available in over 250 rooms, with a 100% occupancy rate. Bravo! Students Salamanca is scheduled to open in September 2024 with over 600 beds. The remaining residences, located in Seville, Murcia, Zaragoza, and Madrid, will open throughout 2025.
The joint venture aims to position Bravo! Students as a top 3 student housing operator in Spain, with an offering of over 6,000 beds. To achieve this, the two partners are planning to add new residences to its portfolio in cities such as Madrid, Malaga, Valencia, Bilbao, or San Sebastián.
'We are very proud of the journey we have taken in these two years, as we have managed to create a portfolio of high quality assets that meets the demands of students and their families, while always prioritizing attention to detail. Our goal is clear, we want to continue growing in those cities where there is demand, and we believe that our offering will make a difference,' said Juan de la Peña, one of the founders of Medinvest.
Medinvest is a boutique asset manager specialising in Spanish student housing. The firm was formed in 2022 by Jacobo Casanovas and Juan de la Pena, who previously led the Spanish REIT called Student Properties Spain Socimi, which was sold in 2021 to Belgian student REIT Xior.
Paul Brennan, partner and co-head of Real Estate at King Street, added 'We believe the student housing sector has very compelling fundamentals. By partnering with Medinvest, we have been able to create a high-quality platform in Bravo! Students that will benefit the student population in Spain by giving them access to affordable, purpose-built accommodations. We look forward to continuing to expand the Bravo! Students portfolio and supporting the growth of the sector in Spain.'
