Global Student Accommodation Group (“GSA”) has acquired Emilia Pardo Bazan, a 302 bed purpose built student accommodation property in Madrid from Corestate Capital Advisors GMBH.
CaixaBank is providing debt financing for the transaction.
Nicholas Porter, chairman at GSA Group, said: “Completing this transaction highlights our in-depth sector experience and considered approach, especially in today’s climate, to investing over the medium and long term.
“This acquisition strengthens GSA’s position as the PBSA provider of choice in Madrid, underpinned by the resilience of the higher education sector and the supply and demand imbalance of quality student accommodation.
“Emilia Pardo Bazan is a market-leading and centrally-located asset that will add even more value for our stakeholders, providing investors with increased exposure to the Madrid’s significant student population, while allowing us to better serve the students we accommodate.
“This is our first acquisition with CaixaBank providing debt financing and we look forward to further building our relationship in the region.”
Emilia Pardo Bazan is located in central Madrid in Ciudad Universitaria, an area near the main universities that’s popular with students.
Opened in 2018, the property comprises single, double and studio rooms, with appealing facilities for students including study rooms, canteen, laundry room, game rooms, gym, terraces, outdoor sport areas and a swimming pool.
Emilia Pardo Bazan is operated by Nexo Residencias, GSA’s property management business in Spain.
GSA now has over 1,000 beds within the Ciudad Universitaria area and over 1,600 in the city.
This post has originally been featured in Property Wire.