10 April 2015 – JLL Press Release
This is the first transaction involving the sale of student halls as investment properties in Barcelona.
The real estate consultancy firm JLL has advised The Student Hotel (TSH) on its purchase of two halls of residence in the city of Barcelona. The company already owns similar assets in Holland. Until now, the buildings were owned by a company, in which BBVA holds a stake.
The two properties are leased under a long-term contract to the student residence operator Melon District: Melon District Marina and Melon District Poble-sec – both are characterised by their excellent locations and good transport links to the main universities.
Marina is located on Calle Sacho de Ávila, in the 22@ neighbourhood of the city, a business district that is (currently) undergoing a complete regeneration. It is the location of choice for communications and technology companies, university campuses, as well as shopping centres, hotels and exhibitions centres. Meanwhile, Poble-sec is located on Avenida Paralel, in the Sants-Montjuic neighbourhood, which is mainly a residential area, but which is very well connected to the city centre and the university areas, and is surrounded by theatres and restaurants.
The two properties contain 600 rooms in total, covering an above-ground surface area of 16,700m2, as well as shops, with a surface area of 3,140m2, and 150 parking spaces.
“The sales process has received a lot of interest from both domestic and overseas investors, which clearly shows that the Spanish real estate market is one of the favourite destinations for capital at the moment”, explains Jordi Toboso, CEO of JLL in Cataluña. He also says that this transaction “shows the growing interest amongst investors for other types of assets, such as halls of residence in Spain, and in particular in Barcelona”.
Original story: JLL Press Release
Translation: Carmel Drake