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alternative Assets News: Spanish Real Estate Intelligence

Stoneweg Invests €50M in Alternative Financing in Spain

12 December 2017 - Eje Prime

Stoneweg is betting on Spain for alternative financing. The Swiss fund, which is headquartered in Geneva and led by the Spaniard Joaquín Castellví, is continuing with its purchase in the country through its real estate platform. And now, it has set its sights on alternative financing, where it has already accumulated investments amounting to €50 million. The idea is that the company will reach €100 million in this line of business in 2018.

The fund, which manages a platform from which it has already disbursed €500 million in just two years, is now expanding its range of businesses in the real estate sector with the financing of operations that have short and medium-term value generation processes. “This line of financing is carried out with coverage of the real estate assets, be they hotels, industrial or commercial properties, or even residential assets. The operations have time horizons of between nine and thirty months”, explains the company in a statement.

Stoneweg will place the focus on the search for opportunities in Madrid, Barcelona and other secondary cities, as well as on tourist and coastal destinations.

Currently, the Swiss fund has a presence in Spain, the USA and Italy, and an investment capacity of €750 million. With two in-house teams in Barcelona and Madrid, its platform holds residential and hotel assets spanning 200,000 m2, as well as offices covering 26,000 m2.

Original story: Eje Prime

Translation: Carmel Drake

 
Greystar, AXA IM–Real Assets & GIP Buy Spanish Student Housing Provider Resa

7 December 2017 - PE Hub

Greystar Real Estate Partners has acquired Spain-based Resa, a student accommodation provider. The acquisition was made via a joint venture partnership that includes AXA Investment Managers – Real Assets and CBRE Global Investment Partners. No financial terms were disclosed.

Greystar Real Estate Partners (“Greystar”), a global leader in the investment, development, and management of rental housing properties, closed today, through a joint venture (“JV”) partnership, on the acquisition of Resa, the largest student accommodation provider in Spain. The JV includes AXA Investment Managers – Real Assets (“AXA IM – Real Assets”) and CBRE Global Investment Partners (GIP), both acting on behalf of clients, who have acquired the substantial majority holding in the portfolio in equal sized shares, while Greystar has bought the remaining balance and will act as property, development and asset manager for the portfolio. The deal is the largest investment transaction in student housing on the Iberian Peninsula.

The previously announced JV partnership marks Greystar’s first investment in Spain and will serve as a platform to build a diversified rental housing business and portfolio with backing from global institutional capital.

“The Resa portfolio is undoubtedly Spain’s premier student accommodation provider and will provide Greystar with a significant presence in the prime markets of Madrid and Barcelona on which to build out a diversified Spanish rental housing platform,” said Wes Fuller, Executive Managing Director of Greystar’s Investment Management business. “We are excited by the tremendous opportunity in the country, and look forward to bringing Greystar’s proven business model and institutional capital to the Spanish market for the long term.”

Resa is Spain’s market leader in student accommodation managing 9,309 student beds in 19 Spanish cities, including tier one cities Madrid and Barcelona, in addition to Andalucía, Cataluña, Galicia, Navarra, Pais Vasco, Salamanca and Valencia. Resa, managed by Azora since 2011, has experienced significant growth during this period, increasing from 26 to 37 residences, of which four are currently under development. The JV portfolio will continue to trade under the Resa brand with Greystar assuming responsibility for overall management. Resa will operate as a fully Greystar-owned and managed business.

In addition to the Resa acquisition, Greystar together with its strategic long-term partners plans to invest further in the Spanish rental housing market, including additional student, young professional and senior housing for rent. Greystar is currently evaluating a pipeline of opportunities across Spain and Portugal including Madrid, Barcelona, Lisbon and other key Iberian cities.

“We are thrilled to add this high-quality well-established portfolio to Greystar’s growing European platform. As a global provider of rental housing, we are constantly looking for opportunities to expand into attractive new markets, and this acquisition does exactly that,” said Steven Zeeman, Greystar’s Managing Director of Continental Europe. “Spain is one of Europe’s fastest-growing economies with a serious shortage of purpose-built rental accommodation suitable for students and young professionals. Home ownership in the country has fallen in recent years, particularly with the country’s young and highly mobile urban population wanting a flexible alternative.

Despite this healthy appetite for new rental housing, construction has failed to keep pace with demand. The rental housing sector remains highly fragmented, with no established market for the type of purpose-built rental accommodation known as multifamily in the United States. Our investment strategy will allow us to develop a significant multifamily pipeline in Spain and grow our platform to realize the potential we see in the country.” (...).

About Greystar

Greystar is a leading, fully integrated multifamily real estate company offering expertise in investment management, development and property management of rental housing properties globally. Headquartered in Charleston, South Carolina with offices throughout the United States, Europe, Latin America and Asia-Pacific, Greystar is the largest operator of apartments in the United States, managing over 420,000 units in over 130 markets globally, with an aggregate estimated value of approximately $80 billion. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $23 billion in gross assets under management, including more than $8 billion of developments that have been completed or are underway. Greystar was founded by Bob Faith in 1993 with the intent to become a world-class class service in the rental housing real estate business.

Original story: PE Hub (by Iris Dorbian)

Translation: Carmel Drake