Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, and TEC Engineering S.A. (TEC), a Barcelona-based construction and development company with full-service planning, engineering, architecture and project management capabilities, announce the development of a 444-bed purpose-built student accommodation (PBSA) scheme in Pamplona, Spain. The property is scheduled to open in summer 2023.
Comprised of two interconnected buildings with 360 units, the PBSA asset is located in Pamplona’s city centre – close to the University of Navarre and Public University of Navarre. The student residence will offer top-tier amenities including a gym, study lounges, cinema room, outdoor lounge and parking.
“Pamplona is home to leading Spanish universities and a large and growing student population, yet it lacks high-quality student housing options. Additionally, Spain is a top 10 global student destination, and we are excited to deepen our presence in this attractive market as well as expand our partnership with TEC, an experienced local developer with a strong track record, to deliver modern and needed living options for Pamplona’s students.”Paul Bashir, Chief Executive Officer, Harrison Street’s European business
During the San Fermín Running of the Bulls Festival in the summer, the property will be made available to tourists for short stays. The ground floor and basement will be occupied by a large Spanish supermarket chain – Eroski.
“We are excited to bring a new, high-quality student accommodation to Pamplona and continue our partnership with industry expert, Harrison Street. TEC is proud to bring our Spanish student housing expertise to Pamplona to offer attractive living spaces for students and necessary accommodation for the city’s abundant summer tourists.”Bernat Aymerich, Chief Executive Officer, TEC Engineering
This transaction further expands Harrison Street’s presence in Spain, growing the firm’s Spanish student housing portfolio to approximately 4,200 beds. Harrison Street has invested €3.6bn across 70 assets throughout Europe, including over 18,000 student accommodation beds, 2,600 residential units and 2.1 million square feet of life sciences space.
TEC is a privately owned independent development and construction company established in 1993. TEC operates exclusively in Spain and has offices in Barcelona and Madrid – and employs over 30 employees. TEC offers a solutions-focused approach to delivering schemes across a number of sectors including student housing, commercial, logistics and greenfield infrastructure projects. The business provides planning, engineering, architecture, project management and construction services.