Patrizia has invested in a portfolio of purpose-built student accommodation (PBSA) in central Barcelona, on behalf of its institutional clients.
With 20,468 sq m of residential space, the portfolio which is income producing from day one consists of two buildings with parking and a total of 635 units.
The first building, ‘Marina’, which makes up 538 units, is located in the 22@ district of Barcelona. The second building, ‘Poble Sec’ with 97 units, is in the Sant Antoni area of the city.
The assets which were built in 2009 and 2007 respectively, were both fully refurbished in 2017 and boast excellent amenities such as a gym, a lounge, meeting rooms, a lecture theatre and five rooftop swimming pools.
Eduardo de Roda, Country Head for Iberia at Patrizia, commented: “The rising mobility of Spain’s student population and the growing appeal among foreign students wanting to study in cities like Barcelona means that there is a structural undersupply of high-quality purpose-built student accommodation in Spain. Our latest acquisition in Barcelona ticks all those boxes and more, with strong local amenities and transport links.”
Student housing remains resilient
With this acquisition Patrizia has assembled a student accommodation portfolio that is truly pan-European including Copenhagen, Dublin, Hamburg and now Barcelona.
Including this latest investment in Barcelona, Patrizia has acquired over EUR 470m in student accommodation over the last 12 months. The transaction also increases Patrizia’s assets under management in Iberia to over EUR 2bn.
Antonio Marin-Bataller, Managing Director, pan-European Transactions at Patrizia said: “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.”