PGGM Infrastructure Fund has agreed to acquire the Spanish student-accommodation group RESA (Residencias de Estudiantes en España) from Greystar, AXA IM Alts and investors represented by CBRE Investment Management.
Under the partnership of AXA IM Alts, CBRE IM and Greystar from 2017 to 2022, RESA expanded to become the largest student-accommodation platform in Spain. The platform has about 11,200 beds in 21 key cities, including Madrid, Barcelona and Valencia.
“RESA is Spain’s leading student accommodation portfolio, with more than 30 years of track-record, an excellent management team in place and considerable growth potential in one of Europe’s most undersupplied student housing markets,” said Stuart Bousfield, investment director at PGGM Infrastructure. “It will provide stable and inflation-linked returns to our clients like pension fund PFZW.”
Financial terms of the agreement were not disclosed.
