Spain: Greystar has agreed to acquire a PBSA site, at the Madrid Autonomous University’s Cantoblanco Campus, from TPG and Urbania.
The acquisition marks Greystar’s return to PBSA in Spain following the sale of the RESA platform in August 2022.
The asset will operate under Greystar’s pan-European brand Canvas, which was developed in-house and launched last year. There are currently 12 operational assets and a further seven in the pipeline comprising more than 9,000 beds in university cities across the UK, Netherlands, Germany, France and now Spain.
Greystar will build a mid-rise PBSA development on the site that will feature 435 beds and a range of lifestyle amenities such as coworking space, residents lounge and a gym. Canvas Madrid is expected to be operational by the 2025/26 academic year.
Rafael Fernández-Villaverde, senior investment director – Southern Europe at Greystar, said: “The acquisition of a fully licensed on-campus PBSA site, in a highly sought-after but under-supplied area, presented the perfect opportunity for us to start re-building our PBSA platform in Spain under the Canvas brand. In little over a year, we have achieved our goal of creating truly pan-European PBSA brand with Canvas quickly becoming synonymous with not only high-quality accommodation and amenities but a focus on providing a service that puts our resident experience and wellbeing at its heart.”
Greystar was advised by Jones Day, EY, CBRE Capital Advisors and Arcadis.
