Dutch pension fund PGGM has signed a definite agreement to acquire a 100% stake in leading Spanish student accommodation group RESA.
The PGGM Infrastructure Fund acquired the assets from Greystar, AXA IM Alts and investors represented by CBRE Investment Management.
The deal, part of a process involving a large number of potential buyers, is conditional of obtaining merger clearance from the Spanish Antitrust Authorities.
BBVA, Freshfields Bruckhaus Deringer, KPMG and Savills (Technical) advised PGGM on the acquisition, while Eastdil Secured, CBRE, Garrigues, Deloitte, Arcadis, and Longevity advised AXA IM Alts, CBRE IM and Greystar on the sale.
Stuart Bousfield, investment director at PGGM Infrastructure, said: ‘RESA is Spain’s leading student accommodation portfolio, with more than 30 years of track-record, an excellent management team in place and considerable growth potential in one of Europe’s most undersupplied student housing markets. It will provide stable and inflation-linked returns to our clients like pension fund PFZW.’’
Natasha Mol-Knechtel, head of PPP and Social Infrastructure investments at PGGM added: ‘Affordable and high-quality student accommodation is essential for a functioning education and social system and with the acquisition of RESA we are advancing our sustainable development agenda.’
Juan Manuel Acosta, managing director Spain, Greystar, commented: ‘We entered the Spanish residential real estate market in 2017 with the acquisition of RESA. Alongside our partners, we have added significant value and grown the portfolio to the multi-award-winning sustainable portfolio it is today. Moving forward, we will continue to grow our portfolio of residential and student housing assets in southern Europe via discretionary capital and other ventures.’
Line Verroken, investment director at CBRE IM, said: ‘Since our entry into the Spanish student housing sector in 2017, we have seen a tremendous consolidation and growth opportunity as well as a strong institutionalization of the sector..’
Under the partnership of AXA IM Alts, CBRE IM and Greystar during the 2017-2022 period, RESA has expanded from 33 to 43 residences (40 in operation and three under development. opening in 2024 and 2025), with around 11,200 beds in 21 key student cities.
