PATRIZIA invests in Barcelona PBSA

PATRIZIA invests in a portfolio of purpose-built student accommodation in central Barcelona on behalf of its institutional clients.

PATRIZIA invests in a portfolio of purpose-built student accommodation in central Barcelona | PBSA News

PATRIZIA, a partner for global real assets, has invested in a portfolio of purpose-built student accommodation (PBSA) in central Barcelona, on behalf of its institutional clients. KPMG advised PATRIZIA on legal and tax affairs, while Cushman & Wakefield acted as the commercial advisor. On the seller’s side Savills acted as the advisor.

With 20,468 sqm of residential space, the portfolio 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, makes up 97 units and 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 have a range of amenities such as a gym, lounge, meeting rooms, a lecture theatre and five rooftop swimming pools.

“The rising mobility of Spain’s student population and the growing appeal among foreign students wanting to study in cities like Barcelona means there is a structural undersupply of high-quality PBSA in Spain. Our latest acquisition in Barcelona ticks all those boxes and more, with strong local amenities and transport links.”

Eduardo de Roda, Country Head for Iberia, PATRIZIA

With this acquisition, PATRIZIA has assembled a student accommodation portfolio that is pan-European and includes Copenhagen, Dublin, Hamburg and now Barcelona. PATRIZIA has acquired over EUR 470m in student accommodation over the last 12 months, and this transaction increases its assets under management in Iberia to over EUR 2bn.

“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.”

Antonio Marin-Bataller, Managing Director, Pan-European Transactions, PATRIZIA