AXA, CBRE IM and Greystar put their Resa student residence platform up for sale. According to Expansión, they have hired the Eastdil Secured bank to coordinate the operation, which could exceed 800 or 900 million euros.
Resa currently has 42 properties in its portfolio and more than 11,500 rooms spread over twenty Spanish cities, mainly Madrid and Barcelona. It is, by far, the largest platform of student residences in Spain.
Founded in 1994 by Grupo Sar, in 2011, it became part of the Azora funds. Together with Artá Capital, March Campus and Mutua Madrileña promoted the platform; until selling it, in 2017, to its current owners. AXA and CBRE IM, with Greystar as manager and shareholders, continued with the plan of acquisitions and new developments.
The last operation was closed at 400 million euros and, now, the owners of Resa want to raise between 800 and 900 million.