Bestinver, Acciona's asset manager, has acquired the old Hospital Xeral de Galeras (Santiago de Compostela) from Astericos Patrimonial for €11 million with the aim of converting it into a student residence, according to La Voz de Galicia.
This transaction is part of the real estate investment strategy that Bestinver, through its socimi Smart Living Properties, has planned for after the summer. The company plans to acquire between ten and fifteen assets in which it will invest around 150 million euros. The strategy will focus on value-add operations, i.e. the acquisition of assets that require comprehensive refurbishment in order to return them to the market, thereby optimising value creation.
The future student residence will have a capacity of at least 400 beds. The time it takes to obtain the licences will be decisive and could accelerate or delay the start of construction, which will also influence its completion, estimated, at the earliest, for the year 2025.