Brookfield Creates Student Hall JV with Owners of Temprano Capital
16 January 2020 - Press Release
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.
Furthermore, 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.
In separate transactions, an additional 1,000 beds have been secured by Brookfield 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.
Original story: Press Release
Translation/Summary: Carmel Drake