Spain: Investment manager PATRIZIA has acquired two PBSA assets in central Barcelona, on behalf of its institutional clients.
The 635-unit portfolio consists of two buildings totalling just over 20,000 square metres, with parking. The first building, Marina, has 538 units and is located in the 22@ district of Barcelona.
The second, Poble Sec, has 97 units and is in the Sant Antoni neighbourhood. The assets, which were built in 2009 and 2007 respectively, were both fully refurbished in 2017 and have a range of amenities including a gym, lounge, meeting rooms, a lecture theatre and five rooftop swimming pools. Both properties are operated by The Student Hotel.
“The rising mobility of Spain’s student population and the growing appeal among foreign students wanting to study in cities like Barcelona means there is a structural undersupply of high-quality PBSA in Spain. Our latest acquisition in Barcelona ticks all those boxes and more, with strong local amenities and transport links,” said Eduardo de Roda, country head for Iberia at PATRIZIA
PATRIZIA has assembled a pan-European student portfolio that includes Copenhagen, Dublin, Hamburg and Barcelona. It has acquired more than €470 million worth of student accommodation over the last 12 months, and this transaction increases its assets under management in Iberia to more than €2 billion.
“Despite the uncertain market environment, student housing remains resilient and is one of our top picks among the living sectors. Occupancy rates are nearing record highs in many European cities as students return to universities and the overall number of students is on the rise, even compared to pre-covid. Therefore, we will continue to thoughtfully select PBSA opportunities in Europe in those cities that have a strong spirit of innovation and connectivity,” said Antonio Marin-Bataller, managing director, pan-European transactions at PATRIZIA
KPMG advised PATRIZIA on legal and tax affairs, while Cushman & Wakefield acted as the commercial advisor. On the seller’s side Savills acted as the advisor.
