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alternative Assets News: Spanish Real Estate Intelligence

Greystar to Manage Bilbao's New 351-Bed Student Hall Atop the Bus Station

31 August 2018 - El Correo

The future Termibus building in Bilbao will mark a before and after in the neighbourhood of Basurto. It will turn the area on its head, in conjunction with the other major urban planning operations being undertaken in the provincial capital. And not only because it will put an end to the problems that the buses have caused the neighbourhood for decades (…). But also because its placement underground will enable the construction of a 9,000 m2 square and a sophisticated 11-storey building, containing a hotel, a hall of residence for students and a shopping centre.

And it is getting increasingly closer because the terminus project, which must be finished within less than a year, is progressing at full speed. (…). After digging the hole, now it is time to build the four below-ground floors, one by one. The two lower floors will house a rotating parking lot with 528 spaces and the upper two floors will contain the aforementioned intermodal station. At the same time, the names of the tenants that are going to manage the property’s services are starting to be announced.

The first to be made public is Greystar. The global leader in the management of student residences and rental properties in Spain has just acquired the educational accommodation complex from the business group Amenabar, chosen by the Town Hall of Bilbao to build the project as a whole. And it has done so after fighting off competition from top-level international firms such as Global Student Accommodation (GSA), Corestate, AMIRA and The Students Hotel (TSH).

The Basque property developer and construction firm will take care of everything. According to sources at the company, “we are going to construct the building, in an L-shape, and we will allocate the right-hand wing to a student residence”. Having completed it in its entirety “down to the last detail in terms of decoration”, it will hand over the facilities with all of the licences so that the manager (through Resa, its subsidiary in Spain) may open its doors in August 2020.

Shopping centre on the lower floors

The agreement reached seeks to make the most of the available space on the eleven floors of the establishment to provide 306 rooms. Most will be individual rooms, although there will also be some doubles, so that the total number of beds will be 351. “All of them will have a bathroom and an equipped kitchen, and 10 will be adapted for users with reduced mobility”, say the sources (…).

The retail space, which will span two floors and will occupy 7,500 m2 in a privileged area of the city, next to the new Garellano skyscraper, has also been put on the market. Amenabar is already receiving offers from a variety of interested parties, from supermarkets to gyms, to shops selling sportswear, textiles, household items, technology, lottery and hospitality “because a large cafeteria is planned to overlook the square”. The business group is interested in enhancing the diversification of the shops “because this area is going to be strategic in nature with more than 10 million people passing through it each year, including Termibus travellers and metro users, who will have a direct connection to the intermodal station”.

The hotel is the other pillar that will complete the comprehensive offering of the Termibus project. The left-hand wing of the building will be dedicated in its entirety to that activity. And, although the deadline for the tender that the Amenabar group has opened to chose the best candidate does not close until the end of October, the avalanche of proposals received is exceeding all forecasts. Sources at the company acknowledge that its privileged location, in the centre of Bilbao, right next to the San Mamés football stadium and with “unbeatable” transport connections, has sparked interest amongst operators from all over Spain and, above all, those that have great international appeal (…).

Original story: El Correo (by José Domínguez)

Translation: Carmel Drake

 
La Saleta Care Buys 8 Nursing Homes in the Province of Salamanca

7 September 2018 - Eje Prime

La Saleta Care is expanding its activity in Spain. The management group responsible for nursing homes and services for the elderly, a subsidiary of the Belgian firm Armonea, has closed the acquisition of Esgra Residencias, comprising eight nursing homes in the province of Salamanca.

Esgra, which until now formed part of the Limcasa services group, owns nursing homes in the capital of Salamanca, as well as in Alaraz, Guijuelo, Macotera, Mozárbez, Santa Marta de Tormes and Villares de la Reina.

With these purchases, which follow other operations carried out earlier in the year in Castilla y León, Asturias, Valencia and País Vasco, La Saleta Care incorporates 1,170 operational beds. Its current network includes 38 residential centres and a total of 4,512 beds. In 2017, the group recorded revenues of €56.46 million and employed a workforce of 2,317 people.

Fernando Ruiz Castillo, CEO of La Saleta Care, highlighted that “before the end of this year we are going to communicate new acquisitions both of operating resources as well as of land for the development of new centres in more autonomous communities”, in statements to Salamanca24horas.

Original story: Eje Prime

Translation: Carmel Drake

 
Temprano Capital Partners Acquire Land in Valencia to Build 290-Bed Student Hall

5 September 2018 - Press Release

Temprano Capital Partners acquired a prime plot of land in the centre of Valencia during the month of August, in collaboration with CPA®:18 – Global. The firm is going to build a new hall of residence for students on the site, whereby increasing its portfolio in the Iberian market with 290 new beds.

Valencia is home to more than 100,000 students and is a popular destination for domestic and international students alike; given its exceptional characteristics, the Mediterranean city is the ideal location for study and leisure.

Temprano Capital Partners is going to be the developer behind the project. The firm will it include in its TSL – Temprano Student Living program, which currently comprises 4 projects in Portugal, ranging from completed properties to those under development, and 3 other projects in Spain, all in the development phase. In this way, the TSL program is set to supply 2,400 studios in total.

The latest residence to join the portfolio will have capacity for 290 students in a building spanning 10,000 m2. Given the central location of the plot, the hall of residence will enjoy good access to the main university campuses, the tram and the extensive network of bike lanes that criss-cross Valencia.

After seeing an opportunity in Valencia, which is home to universities such as the Polytechnic of Valencia and the University of Valencia, amongst many others, the firm considered that the current supply of student halls is obsolete and decided to invest in this project in an exceptional location – close to the campuses, the city centre and well connected to the rest of the city and the beach, as well as to the shops and the parks (…).

The hall of residence will offer all of the services that students look for in halls nowadays. The plans include a premium private gym, a swimming pool and sauna, a lounge club, an area for dinners and private parties, a cinema room, a library, all-inclusive rents and a porter 24/7. Naturally, the individual studios will be equipped with every creature comfort, including a kitchen, bathroom, high-speed wifi and television, as well as a private study area for those students who prefer it, whereby accommodating the different needs of the residents.

The new hall of residence will open its doors for the 2020 academic year under the management of a prestigious operator, specialising in student halls. The person in charge of this promotion is Jamie Rea, who is also responsible for some of Temprano’s other student hall projects including TSL Diagonal Alto. Rea has 25 years of experience in the sector and has worked on several major projects.

Temprano Capital Partners (TCP) is a private European real estate investor and developer created in 2013. Its current tactical focus is the Iberian market (Spain & Portugal).

Original story: Press Release

Translation: Carmel Drake