WP Carey pays €10M to Solvia for a building in San Sebastian

WP Carey pays €10M to Solvia for a building in San Sebastian

Located in the business park of Igara, one of the most active in the city, the property is very close to the Guipuzcoan campus of the Basque Country University, also known as Ibaeta because of the neighborhood where it’s located.

The complex, owned by Solvia since the integration of Guipuzcoano in Banco Sabadell in 2011, has a surface area of 18,000 m², divided into three basements, ground floor and three floors. The data center of the financial institution was located there.

The WP Carey fund, which is listed on the New York Stock Exchange, is valued at more than 10,000 million dollars and is known in Spain for being the landlord of the Junta de Andalucía. In 2014, it purchased from the Andalusian government a pack of 70 buildings for €300 million in a sale & leaseback operation.

Spain has a weight of 4.5% of the assets’ portfolio of the fund, placed mainly in the United States (66%) and Europe. The company is mostly committed to industrial assets, offices, warehouses and commercial facilities, since its strategy involves making long-term investments in assets that offer recurring income.

One of its lines of diversification is exactly the student residences, where it operates with the Carey European Student Housing fund. The residence that will be built in the Guipuzcoano building in San Sebastián will join other similar projects in Malaga, Madrid, Salamanca and Valencia, in the latter in partnership with the Princeton Investments fund. WP Carey also invests in student residences together with the manager Temprano Capital Partners. Both companies have just completed the construction of a student complex in Lisbon and now have another project in Esplugues de Llobregat (Barcelona).

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