Spanish student accommodation group acquired by PGGM
Residencias de Estudiantes en España (RESA) will be acquired by PGGM Infrastructure Fund, according to a contract.
In accordance with the agreement, PGGM will retain the services of the Spanish student housing organization as it seeks to strengthen its position within the social infrastructure sector.
PGGM entered into a legally binding agreement to secure the firm from Greystar, AXA IM Alts, and investors were represented by CBRE Investment Management.
With roughly 11,200 beds in 21 major student cities, including Madrid, Barcelona, and Valencia, RESA is one of the largest platforms for student housing in Spain. Additional beds are planned.
With a 60 percent stake in UK-based UPP, a provider of infrastructure and student housing, the acquisition will enhance PGGM's position in the student housing market.
"RESA is Spain’s leading student accommodation portfolio, with more than 30 years of track record, an excellent management team in place and considerable growth potential in one of Europe’s most undersupplied student housing markets," said Stuart Bousfield, investment director at PGGM Infrastructure.
"It will provide stable and inflation-linked returns to our clients like pension fund PFZW."
Greystar's managing director for Spain, Juan Manuel Acosta, stated: "We entered the Spanish residential real estate market in 2017 with the acquisition of RESA. Alongside our partners, we have added significant value and grown the portfolio to the multi-award-winning sustainable portfolio it is today."
"Moving forward, we will continue to grow our portfolio of residential and student housing assets in southern Europe via discretionary capital and other ventures."
A non-profit cooperative pension fund service provider with a Dutch base, PGGM has managed €241 billion in long-term pension capital globally.
By fLEXI tEAM