Brookfield forms Iberian student housing JV with Temprano Capital Partners

Brookfield Asset Management's Strategic Real Estate Partners III fund, together with Temprano Capital Partners have formed a joint venture to enter the Iberian student residence market.

The JV has taken ownership control of Temprano and has agreed to enter into 25-year net leases for 19 purpose-built student housing assets across Spain and Portugal with CESH, CPA: 18 – Global, affiliates of a U.S.-based publicly traded REIT, and partners. Concurrently, the joint venture has secured a purchase option to acquire the assets at a later date. If all such purchase options are exercised under the terms of the agreement, this will amount to ownership of more than 8,000 beds across Spain and Portugal.

As part of the transaction, affiliates of the joint venture have taken immediate operational control, through the triple-net leases, of three assets: Collegiate Madrid Aravaca; Collegiate Marina Real, Valencia; and Livensa Living Barcelona Diagonal Alto. Collectively, these thre