TPG Real Estate Partners (TREP) and Urbania, announce the acquisition of a portfolio of assets with three student residences in Spain, through a new joint venture that will operate under the BCOME brand.
The properties acquired are located in three university cities in Spain and will contribute to meeting the demand for quality accommodation for national and international students. The three residences have a total of 1,000 beds, with an operating asset in Pamplona, which opened its doors last September, and two under development in Madrid and Salamanca. The properties consist of individual rooms with bathroom, common areas, leisure rooms, gym and swimming pool.
TREP and Urbania will take advantage of their experience in the development and management of portfolios to identify new opportunities, in line with the joint venture's strategy of acquiring assets in operation and developing new properties in the peninsula that meet the demand that this type of assets has created. experienced in recent years.
TREP already has a presence in the student residence market in Germany and Portugal, where they are present with the Campus Living platform and the Lumino promotion, respectively.
“We have been studying the market for student residences in Europe for many years. Therefore, we are pleased to partner with Urbania to build a significant portfolio of assets, with an institutional profile, that provides students from all over Spain with affordable and high-quality accommodation options. Despite the growing number of national and international students, Spain continues to be one of the most underserved European markets in terms of student accommodation ”, says Michel Abel, partner at TREP.
“We are delighted to partner with TPG on the mission of increasing the quality of student residences in the Iberian Peninsula. TREP's extensive experience as an institutional investor complements very well our enormous local knowledge as investors, promoters and operators of real estate assets. We were pioneers in this residential sector and we have demonstrated a solid capacity to develop excellent projects ”, declares Alberto López, managing partner of Urbania.