20 January 2020 – Brookfield Asset Management’s Strategic Real Estate Partners II has formed a partnership with Temprano Capital Partners to invest in the market for student housing in Portugal and Spain. The two firms announced that they would develop 19 new student residences.
The Canadian fund has taken control of Temprano Capital, committing to conclude 25-year lease contracts for 19 student residences in Portugal and Spain. The joint venture has also secured an option to acquire the assets at a later date, including a total of more than 8,000 beds.
As part of the transaction, the new firm will take immediate operational control, through the triple-net leases, of 3three assets. The assets include the Collegiate Madrid Aravaca; the Collegiate Marina Real (Valencia) and the Livensa Living Barcelona Diagonal Alto. Also, in separate transactions, the two companies agreed on other projects will total 1,000 additional beds, increasing the capacity to a total of 9,000 beds.
Original Story: Economia Online – Rita Neto
Translation/Summary: Richard D. Turner