Global Student Accommodation completes Madrid acquisition
Global Student Accommodation Group (GSA), a specialist in university student living, has acquired Emilia Pardo Bazan, a 302-bed purpose built student accommodation property in Madrid.
Under the terms of the transaction, GSA has acquired a 100 per cent interest in Emilia Pardo Bazan from Corestate Capital Advisors GMBH.
CaixaBank are providing debt financing for the transaction that will further establish GSA’s position in Madrid, resulting in over 1,000 beds within the Ciudad Universitaria area and over 1,600 in the city.
Emilia Pardo Bazan is one of the leading purpose-built student accommodation projects in Madrid, located centrally in Ciudad Universitaria, an area near the main universities that remains popular with students. Opened in 2018, the property comprises single, double and studio rooms, with appealing facilities for students including study rooms, canteen, laundry room, game rooms, gym, terraces, outdoor sport areas and a swimming pool. Emilia Pardo Bazan is operated by Nexo Residencias, GSA’s property management business in Spain.
The transaction increases GSA’s exposure to the Madrid market, positioning it to benefit further from the city’s positive fundamentals with over 310,000 students in over 30 universities, while building GSA’s global platform across multiple pre-eminent European markets.
Nicholas Porter, Chairman at GSA Group, says: “Completing this transaction highlights our in-depth sector experience and considered approach, especially in today’s climate, to investing over the medium and long term. This acquisition strengthens GSA’s position as the PBSA provider of choice in Madrid, underpinned by the resilience of the higher education sector and the supply and demand imbalance of quality student accommodation.
"Emilia Pardo Bazan is a market-leading and centrally-located asset that will add even more value for our stakeholders, providing investors with increased exposure to the Madrid’s significant student population, while allowing us to better serve the students we accommodate.
"This is our first acquisition with CaixaBank providing debt financing and we look forward to further building our relationship in the region.”