alternative Assets News: Spanish Real Estate Intelligence

Brookfield Creates Student Hall JV with Owners of Temprano Capital

16 January 2020 - Press Release

Brookfield Asset Management, together with Neil Jones and James Preston, the founders of Temprano Capital Partners, have formed a joint venture to enter the Iberian student residence market.

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

GSA Buys a Student Hall of Residence in Madrid for €50M

8 January 2020 - Expansión

The British student accommodation specialist Global Student Accommodation (GSA) has purchased a hall of residence in Madrid from Corestate for more than €50 million.

The Luxembourg-based fund purchased the asset at the end of 2016 and has since converted it into a modern residence with more than 300 beds. The property is located on Paseo de Juan XXIII in the Ciudad Universitaria area of Madrid and operates under the Youniq brand.

Currently, there are more than 90,000 beds in student halls in Spain, although that figure is expected to rise by 16,500 over the next four years with the addition of 47 new halls of residence.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

CBRE GI to Invest €350M in Real Estate Projects in 2020

6 January 2020 - Eje Prime

CBRE GI is entering the real estate finance market. Following its acquisition of Laxfield Capital, a British real estate debt platform, at the end of last year, the group has announced that it is going to invest €350 million in new purchases in 2020, focusing not only on the acquisition of assets but also on the commissioning of real estate projects.

CBRE GI already reported that the Spanish market will be a clear objective for this new line of business. Last year, the firm invested €350 million in Spain and Portugal, where it currently owns 13 shopping centre, 43 logistics platforms, 3 office buildings, 10 hotels, 37 halls of residence and 73 homes.

Original story: Eje Prime 

Translation/Summary: Carmel Drake