Collegiate Seeks Funding of €2bn to Build More Student Halls in Spain

12 March 2019 – Idealista

Collegiate, a global leader in the student halls sector, is looking to raise €2 billion to grow its portfolio of halls of residence in countries such as Spain, the UK and Portugal.

The company, which already manages more than 20 developments in the United Kingdom and across the Iberian Peninsula, typically invests between €35 million and €100 million per asset, and so the company could be looking to open up to 60 new halls of residence if it obtains the aforementioned funding. Collegiate is looking to meet an unprecedented demand for high-end student accommodation.

In 2018, the student hall sector in Spain received investment of €450 million, up by 2.3% YoY, according to a report from DBK. Across the country, there were 1,025 halls of residence last year, containing 91,066 beds, a figure that is expected to rise to 95,500 beds by 2020.

Original story: Idealista (by Custodio Pareja)

Translation/Summary: Carmel Drake

Nuveen & Value One Join Forces to Invest €600M in Student Halls

11 March 2019 – Eje Prime

The investment manager Nuveen Real Estate, which owns 50% of the Xanadú shopping centre in Madrid, has teamed up with the Austrian real estate firm Value One to create a new investment vehicle with €600 million to spend on the promotion and management of student halls in Europe.

The new company already has three assets, in Vienna, Lisbon and Porto, which the companies expect to launch within the next two years.

Under the terms of the agreement, Nuveen is the investment advisor, Value One is the property developer and Milestone, a subsidiary of Value One, will be the operator of the properties once they are up and running.

Original story: Eje Prime

Translation/Summary: Carmel Drake

C&W: Investment in High Street Premises Soared by 70% in 2018 to €1.7bn

6 March 2019 – Eje Prime

According to the latest edition of Cushman & Wakefield’s Investment Insight report, investment in high street assets in Spain soared by 70% in 2018 to reach €1.7 billion. In total, 52 operations were closed last year, accounting for 38% of all investments in commercial assets. The fashion and banking sectors accounted for the most deals.

Meanwhile, 32 operations were closed in the shopping centre segment, where the total investment amounted to almost €1.9 billion, down by 25% compared to 2017. In addition, 7 retail parks were sold last year for €236 million.

In the office sector, investment rose by 29% YoY in 2018 to reach €3.1 billion, with Madrid accounting for 66% of that total (€2.1 billion) and Barcelona accounting for 31% (€950 million).

In the logistics sector, e-commerce drove a sharp increase in investment to reach €1.2 billion, with 890,000 m2 of logistics space leased in Madrid and 345,000 m2 in Barcelona.

In terms of alternative assets, investment in student halls amounted to €220 million in 2018, whilst investment in nursing homes leapt to €281 million.

Original story: Eje Prime

Translation: Carmel Drake

Invesco & Syllabus to Invest €250M in Halls of Residence for Students

4 March 2019 – Eje Prime

Invesco is teaming up with Syllabus, the subsidiary owned by Urbania, to enter the sector for student residences. Together, the two firms plan to invest €250 million over five years in the construction and purchase of buildings for use as halls of residence.

In total, the alliance seeks to add more than 2,000 rooms to the supply in Madrid, Málaga, Valencia, Barcelona, Pamplona and Salamanca. The current plan involves opening two residences in Madrid in 2020 and one in Málaga in 2021.

Invesco will be the majority shareholder of the investment platform and Syllabus will hold a minority stake. The latter will also promote and manage the halls of residence. Many of the company’s plans involve change-of-use properties, in other words, hospitals and office buildings that will be converted into alternative assets.

Original story: Eje Prime 

Summary/Translation: Carmel Drake

Libertas 7 to Enter the Market for Student Halls

1 March 2019 – Levante EMV

Libertas 7 closed 2018 with net equity of €91.9 million, an increase in its turnover from its real estate and tourist activity of 44% and a yield on its portfolio of listed investments of -0.8%, following a year of sharp falls on the markets. The group expanded its tourist activity with the incorporation of the management of the Sea You Hotel Port hotel in Valencia and it carried out its first direct private capital investment with the acquisition of a stake in Via Nature.

The portfolio of investments in listed companies had a market value of €46 million at the end of the year. The group’s future strategy is focused on the development of new plots, own and acquired. It is also committed to increasing the tourism area with halls of residence for students.

Original story: Levante EMV (by E. Press)

Translation: Carmel Drake

DBK: Investment in Student Residences Rose to €450M in 2018

26 February 2019 – La Vanguardia

Investment in student halls continued to rise to reach €450 million in 2018, up by 2.3% YoY compared to 2017, according to a sectorial report from DBK.

For DBK, “the increase in supply and the favourable environment allowed sustained growth in revenues”. At the end of 2018, there were 1,025 university residences and colleges in operation in Spain, with 91,066 beds (…).

In terms of the total supply, an increase of 1,361 units was recorded in 2018, which, according to DBK “prolonged the trend of significant growth seen in previous years”. In fact, the supply grew by 3,023 beds between 2017 and 2018.

Looking ahead to the period 2019-2020, DBK expects revenues in the sector to increase by around 5% p.a. (…).

It also expects projects to open new residences to follow a moderate growth rate in terms of the number of places for the next two years. Thus, it expects the total national capacity to exceed 95,500 beds by 2020, 4,500 more than in 2018.

Original story: La Vanguardia 

Translation: Carmel Drake

Marco Aldany Founder Seeks Financial Partner for his Coliving Business

26 February 2019 – Idealista

(…). One of the founders of the chain of hairdressers Marco Aldany is strengthening his commitment to the real estate sector and, following the success of his student residence business, MiCasaInn, is raising the stakes with a search for financial partners to develop a coliving company in Madrid. According to explanations provided by Alejandro Fernández-Luengo to Idealista, the company already has three buildings in the centre of the capital that it could dedicate to this segment, although it wants a financial partner to help its growth across the rest of Spain.

This new venture into the coliving sector will arrive in the form of a spin-off. “After positioning ourselves as one of the main companies specialising in students housing in Spain through MiCasaInn, we believe that the natural step is to pilot a project for young people who have finished studying and who are joining the work place, so that they can continue with us”, said Fernández-Luengo.

Currently, the company has a portfolio of assets in which it has invested more than €50 million, in the hope of launching this project. It has one building in Plaza de Canalejas, measuring 4,500 m2, another in Puerta del Sol, spanning 7,000 m2 and a third in Chueca, which could become the group’s first coliving spaces once its new brand has been launched (…).

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

Urbania to Open a Hall of Residence for Students in Pamplona

18 February 2019 – Expansión

Urbania is increasing its commitment to halls of residence for students. The real estate firm, through its subsidiary Syllabus, is planning to open a new accommodation block for university students in Pamplona, with 300 rooms and an investment of €17 million. This hall of residence in Pamplona will be added to the group’s other projects in Madrid, Málaga and Valencia. Moreover, the group is analysing new opportunities.

The hall of residence in Pamplona will occupy a plot with a surface area of 8,837 m2. Construction will commence in 2019 and is expected to be completed in 2021. This accommodation is going to be constructed in the area near to the El Sadar stadium, a stone’s throw from the Universidad Pública de Navarra and its sports facilities, the Uned campus and less than 2km away from the Universidad de Navarra campus.

The new hall of residence will comprise six storeys and will have an extensive green area inside. As well as the 300 rooms, it will have several shared kitchens, spaces for study, a gym, a cinema area, a coworking space, leisure areas and a laundry (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

KKR, Round Hill Capital & Pulsar Properties Create a JV to Purchase 4 Logistics Warehouses

29 January 2019 – Eje Prime

A trio of funds are taking a piece of the Spanish real estate pie. The investment fund KKR, the investment group and real estate manager Round Hill Capital and the logistics company Pulsar Properties have created a joint venture to purchase four platforms in the Spanish market. The objective over the medium term is to acquire logistics spaces in Spain spanning up to 400,000 m2.

The joint venture, called Pulsar Iberia Logistics, has already signed the acquisition of three logistics development projects in Madrid and another one in Barcelona. KKR has formalised the investment through its fund Real Estate Partners Europe.

The four logistics assets are going to be developed by Pulsar Properties, a Spanish company specialising in the promotion of industrial, logistics and inter-modal surfaces. The four properties are the first investments undertaken by the new joint venture in Spain, “a country that is showing very positive signs for logistics investment, with high demand and, at the same time, a scarce supply of logistics assets, as well as an economy with a solid track record”, said the company in a statement.

One of the developments is located in Ontígola, in the third logistics ring of Madrid, and has a gross surface area of 21,145 m2. In Barcelona, the asset is located in Parets del Vallès and has a surface area of 19,907 m2. Finally, the company has also acquired two logistics warehouses measuring 33,091 m2 and 20,280 m2, respectively, in Torija, also in the third logistics ring of Madrid.

Original story: Eje Prime

Translation: Carmel Drake

Student Properties to Promote a New Hall of Residence in the South of Spain

25 January 2019 – Eje Prime

Student Properties is continuing to grow its portfolio. The company has approved a series of measures at an Extraordinary Shareholders’ Meeting to undertake the development of a new hall of residence in the south of Spain, according to a statement filed by the company with the Alternative Investment Market (MAB).

The company has approved the incorporation of a property dedicated to student halls, which will be promoted in a town in the south of Spain.

It has also approved to submit “a capital increase through a non-monetary contribution, through which the company will become the sole shareholder of the company that owns the property through the exchange of shares in the company for shares in the company that owns the property” to a future General Shareholders’ Meeting.

The company, which specialises in the acquisition and management of halls of residence for students, is owned by: Altamar Capital Partners, which deals with the global management of alternative assets; Amira Real Estate, which specialises in the management of real estate assets and investments; and Elcano Servicios Patrimoniales, which specialises in the provision of real estate services.

Original story: Eje Prime

Translation: Carmel Drake