Two international investors have secured new student housing projects as part of their expansion into Iberia.
In Bilbao, Greystar has won the bidding to build a 350-bed student accommodation block as part of the larger mixed-use project to be built above the Spanish city’s bus terminus.
In Valencia, Madrid developer Temprano Capital Partners, which is backed by capital from US REIT WP Carey, has bought a site for its eighth project in Iberia.
Greystar beat international rivals including GSA, The Student Hotel, Corestate and Amira, according to a local press report. The US residential giant will acquire the Bilbao project from Amenabar, the local Basque group chosen by the city council to coordinate the whole scheme.
The 11-storey, 10,500 m2 student block will be built next to a hotel and retail above a new subterranean bus interchange.
Greystar operates in student housing in Spain via Resa, the country’s largest private owner-operator in the sector which the US group acquired last year in a club deal with CBRE Global Investors and AXA Investment Management –Real Assets.
Temprano Capital’s scheme will be built on a site in Calle Ruaya in central Valencia, providing rooms for 290 students, totalling 10,000 m2.
The company’s partner is CPA 18, a global, non-listed REIT managed by sale-andleaseback specialist WP Carey. The joint venture with WP Carey also backs Temprano’s other student housing projects: four in Portugal, and three in Spain, in Barcelona, Seville and Granada.
This article first appeared in EuroProperty, PropertyEU's weekly news and analysis bulletin.
