9 May 2018 – Expansión
The residential property developer Urbania is going to invest €300 million over the next two years in homes and student halls of residence. Following a stage during which it has alternated between residential development and the purchase, renovation and sale of buildings, it considers that now is the right time to leave that formula to one side and focus on the development of land right across Spain to construct homes and build halls of residence for students.
To this end, it has divested some of its renovation projects, such as the building located at numbers 329-331 Avenida Diagonal in Barcelona, which it has sold to a local family office and an Israeli fund for €35 million.
Currently, Urbania is working with four overseas funds to build more than 2,000 homes all over the country, worth €450 million. The group has structured a new vehicle in which Urbania holds a stake for each one of the four overseas funds with which it works on a regular basis in order to invest up to €100 million in the acquisition of land in the main Spanish cities.
Moreover, Urbania has a budget of €200 million for its student hall of residence division, which it is operating under the Syllabus brand and which it plans to increase from its current volume of 1,500 beds to 4,000 beds.
Original story: Expansión (by Marisa Anglés)
Translation: Carmel Drake