The company specializing in student accommodation Xior will promote its second residence in Spain. The company has chosen Granada to invest a total of 26.25 million euros in the development.
The new student residence will have 310 beds and it will be operational in 2025. Xior has closed a contract with Odalys as operator of the residence for the next twelve years. The contract will report to the property an annual gross return of 7%.
This is Xior's second investment in Granada. In June 2020, it closed the purchase of its first asset in Granada. The company bought the Colegio Mayor Loyola, located on the Cartuja campus of the University of Granada. Once the operation closed, Xior began a remodeling and expansion process to have 354 beds. The transaction was closed at 37 million euros.
Christian Teunissen, executive director of Xior, explains: "We continue to grow nonstop in Spain, doubling our presence in Granada with this second residence."