The joint venture formed by the American company Harrison Street and the Spanish firm Alta Real Estate will build a 260 studio student residence in Salamanca.
The building will have four floors and is expected to be ready by July. According to the companies, Nexo Residences will be charged with managing the residence through its subsidiary Global Student Accommodation (GSA).
Apart from the 260 apartments, the asset will feature several common areas such as a gym, study rooms, cinema room, terraces, garden and parking. Paul Bashir, executive director at Harrison Street, in Europe, explained that «almost 30.000 full time students live in Salamanca, but there is accommodation for only 10% of them».
This new student residence will join the portfolio with more than 1.000 beds the joint venture formed by Harrison Street and Alta Real Estate currently have in several Spanish cities, such as Barcelona and Oviedo.
GSA and Harrison Street joined together at the end of 2015 and have since acquired 27 properties representing more than 8,600 beds in the United Kingdom, Ireland and Spain.
The Spanish student residence market
The number of student residences in Spain increased in 2020 with twelve units and more than 3.500 beds, up to 1.053 buildings and a total offer of 97,290 beds, according to Informa’s Observatorio Sectorial DBK.
Most are university student residences, with 875 centres and 75.323 beds, whereas the senior residences reached 178 centres and 21.967 beds. Since 2017 the number of centres had an increase of 35 more units and 7,732 more beds.