UK: Student accommodation platform Nido Living has acquired Brookfield Asset Management’s Iberian student housing portfolio, Livensa Living, for €1.2 billion (£1 billion).
Originally acquired by Brookfield Asset Management in 2019, Livensa has expanded with 9,000 beds across 20 operational properties in Spain and Portugal and has two more under development.
Nido said this move aligns with its goal of owning and operating 25,000 beds across continental Europe by 2031.
Earlier this year, Nido announced its expansion plan, which highlighted its commitment to entering the European purpose-built student accommodation (PBSA) market, with a focus on Iberia.
Nido already owns and operates 3,000 beds across ten assets in Madrid, Seville, Valencia, Lisbon, and Porto, and will have a total European portfolio of 13,000 beds upon deal completion, expected in Q4 2025.
Carlo Matta, chief executive officer of Nido Living, said: “This acquisition marks a significant step forward for Nido, reflecting the scale of backing for us from our shareholder CPP Investments as well as debt finance provider, and the clarity of our ambition to become the largest and the preferred student accommodation provider in continental Europe.
“We look forward to taking ownership of the Livensa portfolio and welcoming their talented team into our organisation, as we continue to acquire, develop and operate in key European markets through our unique, vertically integrated platform.”
Ryan Lee, chief financial officer of Nido Living, said: “Securing €700 million (£597 million) in debt financing to support this transaction reflects the strength of our vertically integrated platform and the depth of institutional confidence in our long-term strategy.”
Taco van Heusden, chief investment and development officer at Nido Living, said: “We hold a strong conviction in the fundamentals of the European PBSA market and have confidence in Nido’s fully integrated model.
Livensa is a highly strategic fit, offering immediate scale and access to dynamic university cities. We look forward to leveraging our unique platform to drive long-term value by delivering exceptional living experiences to our residents.”
Nido was advised by Clifford Chance, Savills, KPMG and AlixPartners, as well as J.P. Morgan Securities PLC as sole financial advisor for this transaction.
Highlights:
– Nido Living has acquired Livensa Living for £1 billion in major European PBSA deal.
– The deal adds 9,000 operational beds in Spain and Portugal, with two more assets in development to the Nido portfolio.
– Nido said it targets a 25,000-bed portfolio across continental Europe by 2031.
– £597 million in debt financing has been secured, backed by CPP Investments.
– J.P. Morgan has advised as sole financial advisor.
