Harrison Street and T3N announce sport PBSA JV

Harrison Street partners with T3N to invest in and develop sport-oriented purpose-built student accommodation projects in Spain, the United States, Japan and Mexico.

The Harrison Street and T3N joint venture are set to deliver sport-focused PBSAs | PBSA News
The Harrison Street and T3N joint venture are set to deliver sport-focused PBSAs.

Investment management firm Harrison Street have partnered with T3N Sport & Investment to invest in and develop sport-oriented purpose-built student accommodation (PBSA) projects in Spain, the United States, Japan and Mexico.

Harrison Street are exclusively focused on alternative real assets, with approximately $55bn in assets under management and T3N Sport & Investment is an operating platform owned by T3N Group and ColivINN (T3N).

The exciting joint venture between Harrison Street and T3N aims to deliver sport-focused PBSA assets comprising 450 beds across seven buildings.

The joint venture recently closed on ESC LaLiga & NBA Madrid Village; one of the first projects in Europe pioneering in sport-oriented student accommodation. Frux Capital provided financing for this first transaction.

“We’re thrilled to expand our presence in Spain and leverage our proven global experience through this new joint venture with T3N, a renowned investment company that is transforming the Student Housing and sports industry. This project meets that demand with first-class accommodations and facilities, and we’re proud to support the expansion of the project alongside T3N to bring even more student housing options to Spain.”

Paul Bashir, Chief Executive Officer, Harrison Street’s European business

The project – the official centre for LaLiga and NBA in Spain under T3N agreements – has been operational since July 2022 and will complete the construction of an NBA facility before August 2023. T3N will continue to manage and operate the asset on behalf of the joint venture.

Located in Villaviciosa de Odon, the project is within walking distance to the European University of Madrid and situated close to Madrid city centre.

The PBSA is complemented by an American school and top training facilities such as two FIFA football fields, NBA basket training facility and a high-tech indoor gym.

“We consider this joint venture with Harrison Street as a strategic alliance with one of the top alternative real estate investors worldwide that will allow us to replicate the successful model from ESC LaLiga & NBA across Spain and around the globe.”

David Pampliega, Co-CEO, T3N

Harrison Street has an extensive portfolio in Spain, including investments across 17 assets with c.4k student accommodation beds and approximately c.1.5k residential units throughout eight cities.

The joint venture also aims to develop further complexes in other locations across Spain, including Madrid, Valencia, Malaga, Mallorca and Cantabria, and is currently analysing several opportunities in the United States, Mexico and Japan.

EY served as tax advisors and Savills served as commercial advisors to Harrison Street, whilst Atticus Finch served as commercial advisors to T3N.

DLA, Garrigues and Andersen served as legal advisors on the incorporation of the joint venture. 

The joint venture follows Harrison Street breaking ground at their Canada-based Block 15 PBSA earlier this year.