TPG Real Estate Partners (TREP) and developer Urbania have purchased a portfolio of three student accommodation assets in Spain as part of a newly formed joint venture.
The assets will operate under the BCOME brand and consist of around 1,000 units across the university cities of Madrid, Pamplona, and Salamanca.
Financial terms of the transaction were not disclosed.
The property in Pamplona opened in September 2021 while the other two assets are development projects.
The JV partners said the sites are situated in Spain’s prime university cities and will help meet growing demand across the country for high-quality student accommodation. The two companies plan to target further opportunities in Spain.
Michael Abel, partner at TREP, commented: ‘We have been studying the student housing market in Continental Europe for many years, and we are pleased to partner with Urbania to build an institutional portfolio of scale that provides students across Spain with affordable, high-quality living options.
‘Despite the growing number of domestic and international students, Spain remains one of the most undersupplied European markets in terms of purpose-built student accommodation.’
Alberto López, Partner at Urbania, commented: ‘We are delighted to be partnering with TREP in a joint mission to raise the quality of purpose-built student accommodation assets across the Iberia market… We rapidly established ourselves as a first mover in this market and have a proven ability to deliver best-in-class student hospitality. We look forward to a forging a strong partnership with TREP.’
