Belgian real estate investment trust Xior Student Housing N.V. (Xior) has launched a voluntary public tender offer to acquire a controlling stake in the Spanish student housing company Student Properties Spain SOCIMI, S.A. (SPS).
The offer price is up to €2.3417 in cash per share, valuing Student Properties Spain’s equity at approx.€58.5 million, according to a statement by the REIT.
If the tender offer is accepted, Xior will become the principal shareholder of SPS. SPS will remain listed on the BME and will retain its Socimi status.
SPS is a real estate investment vehicle focused on investing in student housing structured under the SOCIMI regime and is listed on Spain’s BME Growth market.
SPS currently owns a portfolio consisting of three state-of-the-art residences situated at prime locations in Madrid, Malaga and Seville, the latter to be delivered in Q3 2021.
All three are among the most popular student cities in Spain. Together these residences represent more than 725 beds and are operated under the HUBR brand. This portfolio represents a one of a kind opportunity in the current PBSA market, with unparalleled locations in the most relevant student cities in Spain.
“Since our entry in the Spanish market in March 2019, Xior’s portfolio has continued to grow with residences of the highest quality, as we are always looking for the right opportunities in this interesting and thriving market. Securing this transaction would catapult Xior into a leading position in the Spanish market: not only will it bring us three of the best located student residences in Spain, it will also add a fifth city to our Spanish portfolio, adding scale to our organisation and building an even stronger foundation to continue our expansion in our second home market,” said Christian Teunissen, CEO of Xior.