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BBVA has completed the sale of two student housing residences in Barcelona to The Student Hotel (TSH). TSH already holds similar assets in the Netherlands. The real estate consultancy JLL advised the vendor.
Both of the properties, Melon District Marina and Melon District Poble-sec, are let on long leases to the operator of the same name. Both residences benefit from strategic locations nearby and are well connected to the main University campuses of the city.
The Marina site is located on Calle Sancho de Ávila, in the 22@ district of the city, a new business area resulting from a now well-consolidated regeneration scheme, where communication and technological companies and Universities, as well as shopping centres, hotels, and exposition centres are found. The smaller site, Poble-sec, is situated on Avenida Paral·lel in the Sants-Montjuic district, a primarily residential area very well connected to the Zona Universitaria, and with an important theatre scene and many restaurants.
Together the two properties comprise 600 rooms with a total built area above ground of 16,700 m2 and 3,140 m2 of retail units and 150 parking spaces.
"The sale process generated a lot of interest both at a national and international level, a sign that the Spanish real estate market is one of the preferred destinations for capital at present," explains Jordi Toboso, Managing Director of JLL in Catalonia. He also states that the deal "demonstrates the growing interest amongst investors for alternative investments such as student housing assets in Spain, and in particular, in Barcelona."
"There is currently an abundance of capital with an appetite for real estate investment in Spain, producing interest in deals for "atypical" assets, which two years ago would not have been present. This is the first deal of its kind in Barcelona, that is, the sale of two student housing residences as investment properties, and we are likely to see many more transactions of this kind in the near future" Nick Wride, Associate Director of Capital Markets, JLL.
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