Catella AM Iberia acquires new EUR15m residence for Catella’s European Student Housing Fund II
Catella AM Iberia has completed the acquisition of a EUR15 million student housing project in Seville, Spain for the Catella European Student Housing Fund II (CESHF II), which is managed by Catella Residential Investment Management (CRIM).
Eduardo Guardiola, Director and Partner of Catella AM Iberia, comments: “Seville is one of Spain’s leading university cities with more than 75,000 students. The location and amenities offered by this new student residence make it a very attractive proposition for living and learning in the city. This is the second student housing development that we have acquired for CESHF II. As with our earlier purchase of La Campana in Pamploma, we will be asset manager on behalf of the CESHF II Fund.”
The asset is located on Calle Tramontana 1-3 at the heart of the Seville University’s Reina Mercedes campus, home to more than 12,000 students. Its location provides easy access on foot, by bicycle or by public transport to other university sites in the city. The property provides accommodation for 211 students in one- and two-bedroom apartments (single and double beds). Shared amenities include common areas, a gym, swimming pool, jacuzzi and parking.
The property will be operated by Camplus, a European student housing operator with a portfolio of over 40 residences in Italy and Spain. Camplus aims to foster the integration of national and international students by nurturing them throughout their university studies and providing a wide range of cultural, sports and educational services.
CESHF II has boosted its assets to EUR200 million to five countries after launching in September 2019 as the successor of Catella’s first European Student Housing Fund. CESHF has generated a net internal rate of return (IRR) of more than 6.4 per cent per year since its launch in 2013.