Investment manager Corestate Capital Holding has announced the acquisition of a 413-unit student residence project in Seville.
Corestate said it has obtained a €19.8 mln five-year loan to finance the project from a debt fund advised by LaSalle Investment Management.
The construction of the 11,500 m2 student housing development started in June 2018 and is scheduled for completion in Q1 2020.
Thomas Landschreiber, Corestate’s co-founder and CIO, explained: ‘Spain is an important target market for the strategy. The country has seen rising student numbers, particularly international ones. This is boosted, among other things, by low tuition fees in comparison to other European countries as well as the rising amount of English-language courses offered by the universities’.
‘Entering the Spanish market is another step forward in the process of internationalizing our group efforts,’ he added.
German firm Youniq, part of the Corestate Group, will manage the asset.
This is not Corestate’s first project in Spain. Its 260-unit student housing in Madrid is close to completion and scheduled to open in September. Two further student housing projects are planned in Valencia and Bilbao.