Henderson Park, the pan-European private equity real estate fund, and Hines, the international real estate firm, have signed a 27,5 million euros loan with french investment bank Natixis for the development of two projects in Barcelona.
The complex, acquired in 2019, consists of a student residence and an office building, both located on Carrer Cristóbal de Moura in the 22@ North district. Work on the 350-bed student property and the 3,610 sqm office building began in May 2021. Both assets are scheduled for completion in the summer of 2023. Once completed, the student residence will be managed by Aparto, the division of Hines dedicated to the management of this type of accommodation.
The project has been designed to meet sustainability and technology standards. In this regard, both buildings are aiming for LEED Gold and WELL certification. The Cristóbal de Moura office building is also in the process of obtaining WiredScore certification, a distinction that measures the quality and resilience of a building's digital infrastructure.
«This funding from Natixis is another positive step forward for this project, allowing us to continue to move forward, together with Hines, in the development and delivery of a office building and student residence. This latest milestone follows the recent closing of forward funding for another student residence in the 22@ area. These transactions demonstrate the strong demand for ESG-certified student accommodation assets», said Christophe Kuhbier, CEO of Henderson Park.
Vanessa Gelado, managing director of Hines in Spain, said: «We are very pleased to have secured this financing agreement with Natixis, one of the world's leading financial institutions. This alliance is the necessary stimulus to drive this project forward, which will further strengthen Henderson Park and Hines' position as key players in the development of student residences in Barcelona».
The assets are located in Barcelona's 22@ district, which is in close proximity to the new university campuses of the Universitat Politècnica de Catalunya and the Toulouse Business School. The latter was acquired by Henderson Park and Hines in 2018 as a standalone development, which they have recently sold through a forward funding agreement.