German real assets firm Patrizia has taken overall expenditure to over €470 mln in the European student accommodation sector.
The company has added two assets in Barcelona, where country head, Eduardo de Roda, said there was a structural under-supply , the same as in many other cities.
On behalf of one institutional client, Patrizia has acquired Marina consisting of 538 units in the 22@ district of Barcelona. The second building, Poble Sec, has 97 units in the Sant Antoni area of the city. The assets were built in 2009 and 2007 respectively, were both fully refurbished in 2017 and have amenities such as a gym, a lounge, meeting rooms, a lecture theatre and five rooftop swimming pools.
De Roda said; ‘The rising mobility of Spain’s student population and the growing appeal among foreign students wanting to study in cities like Barcelona means that there is a structural undersupply of high-quality purpose-built student accommodation in Spain. Our latest acquisition in Barcelona ticks all those boxes and more, with strong local amenities and transport links.’
Patrizia has a student accommodation portfolio in major cities such as Copenhagen, Dublin, Hamburg and now Barcelona.
KPMG advised on legal and tax affairs , while Cushman & Wakefield acted as the commercial advisor. On the seller’s side Savills acted as the advisor.
