Property Funds World

Harrison Street, Alta Real Estate JV to develop 260-bed student accommodation property in Salamanca, Spain

Harrison Street has announced the development of a purpose-built student accommodation (PBSA) property in Salamanca, Spain, with its joint venture (JV) partner, Alta Real Estate, a Madrid-based developer with a strong presence in the Spanish alternative investments market.

Nexo Residences, the in-house local operator for university student living specialists, Global Student Accommodation Group (GSA) will manage the property, which is expected to deliver in July 2021.
Located in a residential neighbourhood within walking distance from the University of Salamanca and Pontificia of Salamanca, the four-story PBSA is close to entertainment, bars, theatres, and Salamanca’s City Center. The state-of-the-art property will offer 260 studio apartments and modern amenities including a gym, study lounges, cinema room, outdoor seating and terraced garden and parking. 
“Salamanca is home to nearly 30,000 full time students yet only has accommodation for less than ten percent of that student population, with most of those options being severely outdated,” says Paul Bashir, Chief Executive Officer of Harrison Street’s European business. “Alta Real Estate has a highly successful track record delivering top tier purpose-built student accommodations across Spain and we are pleased to continue our partnership with them to deliver much-needed modern housing options to students attending Salamanca’s prestigious universities.” 
Juan Francisco Díaz Bermejo, Managing  Partner at Alta Real Estate, says: “Due to its long and prestigious university tradition, the wonderful city of Salamanca was always a primary objective for our successful JV with Harrison Street, who is a leader with a global presence in the markets in which it operates. After two years of dedicated work, we can finally announce the upcoming opening of our residence in Salamanca, a first class project, as the excellent and professional team at Harrison Street always demands of us, which we are sure will have a great reception among the students of Salamanca.”
Harrison Street has invested over EUR3.0 billion across 64 assets throughout Europe, including over 17,000 student accommodation beds. The firm’s Spanish experience includes investments across 11 PBSA assets with over 3,700 beds with experienced, local developers and operators. This Salamanca property is part of a pipeline of over 1,000 beds that the JV between Harrison Street and Alta Real Estate currently has across select leading university cities in Spain, including Barcelona, Oviedo and Salamanca.
Furthermore, GSA and Harrison Street began their partnership in December 2015 and have since acquired 27 properties accounting for over 8,600 beds across the UK, Ireland and Spain. GSA manages in excess of 30,000 student beds in 56 cities across nine countries globally. 
Christopher Holloway, Business Development Director of GSA, says: “as a global leader in student accommodation, I am really excited to expand our operational footprint in Spain. Partnering with Harrison Street to manage another of their projects is an important step for GSA, strengthening our credentials as the third-party operator of choice across Europe and the USA, and we look forward to serving the students of this vibrant university city.”