Spain 
Italy 
Greece 
Brookfield Enters Iberian Student Residence Market in Partnership With the Owners of Temprano Capital Partners
16 January 2020 – Brookfield Asset Management, through its Strategic Real Estate Partners III (“BSREP III”) fund, together with Neil Jones and James Preston, the founders of Temprano Capital Partners (“Temprano”), have formed a joint venture to enter the Iberian student residence market (the “Joint Venture”).
The Joint Venture has taken ownership control of Temprano and has agreed to enter into 25-year net leases for 19 purpose-built student housing assets across Spain and Portugal with CESH, CPA®:18 – Global, affiliates of a U.S.-based publicly traded REIT, and partners. Concurrently, the Joint Venture has secured a purchase option to acquire the assets at a later date. If all such purchase options are exercised under the terms of the agreement, this will amount to ownership of more than 8,000 beds across Spain and Portugal.
As part of the transaction, affiliates of the Joint Venture have taken immediate operational control, through the triple-net leases, of 3 assets. These assets include: Collegiate Madrid Aravaca; Collegiate Marina Real, Valencia and Livensa Living Barcelona Diagonal Alto. Collectively, these three assets comprise almost 1,000 operational beds in Spain and Portugal and will continue to be managed by Collegiate and CRM.
In separate transactios, an additional 1,000 beds have been secured by BSREP III and Temprano through other projects, bringing the total pipeline to more than 9,000 beds. The partners have also allocated additional capital to the Joint Venture to further grow the business.
The Livensa Living brand, which undertakes sales and marketing services to Livensa Living Barcelona Diagonal Alto and Livensa Living Porto Campus, will remain as the Livensa Living Brand under the Joint Venture’s control.
“As one of the largest investors in the Living Sector in Europe, Brookfield has acquired and built businesses with 60,000 units in operation or under development across Europe,” commented Brad Hyler, Managing Partner within Brookfield’s real estate group. “We are thrilled to expand into the Iberian market, which we believe will continue to benefit from growing demand, alongside a strong local partner with proven capabilities.”
A spokesman for Temprano said: “We are delighted to partner with an investor such as Brookfield which will allow Temprano to consolidate and grow its position as one of the key owners and developers of purpose-built student housing in Spain and Portugal. This is a high-quality portfolio of freehold assets, in which Temprano has intimate knowledge, located across the main university cities of Iberia. The combination of Temprano’s and Brookfield’s experience in student accommodation will, we believe, enable us to provide the very best housing solutions to our students. Our activities in other sectors such as retail will continue.”
About Brookfield Real Estate:
Brookfield’s Real Estate Group is Brookfield Asset Management’s largest investment platform, with approximately $193 billion of real estate assets under management and interests in over 450 million square feet of space globally. It is one of the world’s largest property owners and is comprised of approximately 17,000 operating employees across its vertically integrated property management platforms. Brookfield’s real estate portfolio includes office, retail, multifamily, logistics, hospitality, self-storage, triple net lease, manufactured housing and student housing assets across five continents. Brookfield’s global portfolio is available to investors through its publicly listed vehicle, Brookfield Property Partners (NASDAQ: BPY, TSX: BPY.UN), and through its private funds.
About Temprano Capital Partners:
Temprano Capital Partners (“Temprano”) is an investor and developer with a focus on the Living Sector in Spain and Portugal. It has a pipeline of 9,000 purpose-built student housing beds, either operational or under development or over which it has rights to purchase, across 22 assets in the region’s main university cities. Livensa Living is Temprano’s own-brand for its student housing sites under operation.
Temprano is also active in the retail sector in cities such as Madrid, Barcelona, Zaragoza and Gandia.
Across its activities, Temprano’s strategic aim is on the creation and improvement of net income deriving from its portfolio through asset selection, development, repositioning and management of operational expenses. Temprano was founded by Neil Jones and James Preston and today is owned in a Joint Venture between its Founders and Brookfield.