Tag: central

Urbania International Builds New Halls of Residence in City Centres

5 April 2018 – Inmodiario

The student hall subsidiary of Urbania International has a brand: Syllabus by Urbania. Under this name, the international property developer’s new firm is already acquiring and developing assets destined for student accommodation in major university cities, not only in Spain but also in other countries in Europe. The company is going to invest more than €200 million in the acquisition and development of these kinds of assets, with the aim of generating 4,000 beds over the next three years.

At the helm of Syllabus by Urbania is Jeffrey Sújar, who was appointed as CEO of the firm in March. According to Sújar, “the aim of Syllabus is to improve the existing student hall supply in the most attractive cities for students, in the best urban locations, creating high-quality spaces, with contemporary designs and a unique supply of services in the sector”.

Strategic alliance with “Mi Casa Inn”

With this in mind, Syllabus has already signed a strategic agreement with the specialist manager Mi Casa Inn for the operation of its properties. Mi Casa Inn (MCI) currently operates seven halls of residence, containing 500 beds, and is the leader and benchmark player in the urban hall segment focusing on international students, where it has been working for more than eight years.

Syllabus and Mi Casa Inn have already started to acquire assets with a flurry of activity in cities such as Madrid, Valencia, Sevilla, Málaga and Barcelona, amongst others, and currently have a portfolio of 1,500 beds under development. They plan to extend their activity to the main university cities in other European countries in the short term.

360º experience

Syllabus and MCI develop a concept that is very different from traditional halls of residence and colleges located on campus or close to universities. The aim of the company is to create spaces where students can live a 360º experience in the heart of cities, where they can mature and develop themselves individually. “It is a more contemporary version of the classic hall of residence”, says Jeffrey Sújar, “adapted to the lifestyle of international young people, giving them a high degree of independence to allow them to meet and live alongside students from very different countries and cultures”.

As such, we have chosen central, urban environments, “where it all happens” and where Syllabus will adapt and construct buildings in which students can live more of a co-living experience than that of a traditional boarder.

Original story: Inmodiario

Translation: Carmel Drake

Altamira Sells One of the Best Available Plots in Valencia for a Record Price

13 March 2018 – Levante EMV

Altamira has sold one of the best free plots in Valencia for a record price. An investor group formed by entrepreneurs from Valencia and Madrid is going to build 26 luxury homes and 6 studios alongside the Mestalla football stadium. Altamira and the buyers declined to specify the purchase price, but market sources place it close to €1,200/m2. That price exceeds the €800/m2 that the US fund Harbert Management Corporation (HMC) and its local partner Momentum Real Estate Investment Management (REIM) paid a few weeks ago for some plots in Campanar and Alfahuir.

The investor group in this deal is led by the businessmen José Luis Basterra Leseduarte, Ignacio Polo Portilla and Mauro Sanchis Cabanes. Those investors have constituted the company Edificios Mestalla with a share capital of €3.3 million. The name refers to its first project on the plot purchased from Altamira, which is to be called Edificio Mestalla.

Sources at the company indicated that the construction permit has already been requested from the Town Hall of Valencia and that they expect to start the building work in eight months. The plot, which used to belong to Banco Santander, is located at the junction of Calle Antonio Suárez and Calle Chile. The plot is located close to Avenida de Aragón and the Valencia Club de Fútbol’s stadium. In recent months, several property developers have bid for the plots, but in the end, the investor group has acquired them. Market sources insisted that it is “a very good plot” thanks to its strategic location.

Altamira, which is a manager of real estate assets and which is owned by Apollo and other funds (85%) and Banco Santander (15%) says that the plot spans 397 m2 and is equipped for 32 homes spread over seven storeys. The intermediary declined to provide more details about the price of the transaction on the grounds of confidentiality.

The investor group indicated that the building will comprise luxury homes containing between one and three bedrooms. The one-bedroom flats will measure 40 m2 and the three-bedroom properties will span 150 m2. In addition to the 26 homes and 6 studios, the property will also have retail premises. Edificios Mestalla expects to start marketing the homes soon, although it does not have a deadline yet for starting reservations. Olivares Consultores is going to exclusively market the development, according to a statement issued by the firm this morning.

Guaranteed market

Sources in the sector highlight that these types of luxury housing developments have “a market” in Valencia. These types of projects, located close to the centre, are being drip fed onto the market because there are no available plots left (…).

Original story: Levante EMV (by Ramón Ferrando)

Translation: Carmel Drake