Barcelona, Spain — A joint venture has acquired Barcelona-based Resa, the largest student housing accommodation provider in Spain.
The partnership includes Greystar Real Estate Partners, and clients of AXA Investment Managers – Real Assets and CBRE Global Investment Partners. The undisclosed clients of AXA Investment and CBRE have acquired the substantial majority holding, and Greystar has purchased the remaining balance and will act as property, development and asset manager to the portfolio.
Resa is Spain’s market leader in student accommodation, managing 9,309 student beds in 19 Spanish cities including Madrid, Barcelona, Andalucía, Cataluña, Galicia, Navarra, Pais Vasco, Salamanca and Valencia. The portfolio will continue to trade under the Resa brand, with Greystar assuming responsibility for overall management. Resa will operate as a fully Greystar-owned and managed business.
To support the company’s recent expansion into Spain and broadening reach across Europe, Greystar has named Juan Acosta managing director for Greystar in Spain. In this position, Acosta will lead the team and be responsible for client relationships, executing the existing portfolio and growing the business through strategic acquisitions and development.
“The Resa portfolio is undoubtedly Spain’s premier student accommodation provider and will provide Greystar with a significant presence in the prime markets of Madrid and Barcelona on which to build out a diversified Spanish rental housing platform,” says Wes Fuller, executive managing director of Greystar’s investment management business. “We are excited by the tremendous opportunity in the country, and look forward to bringing Greystar’s proven business model and institutional capital to the Spanish market for the long term.”