A joint venture between the European real estate investment platform Henderson Park and US developer-investor Hines has acquired a site in Barcelona to build a 750-bed student accommodation.
Financial details were not disclosed.
The project, located in the 22@ Innovation District, will occupy half of a city block for a total of 20,000 m2. Once finished, the ‘Aparto Diagonal Mar’ will incorporate a swimming pool, a gym and sports facilities.
The student residence is expected to be delivered for the 2021/2022 academic year.
‘The fundamentals of Barcelona’s student housing market are very strong, with an undersupply of quality accommodation, despite the popularity of its universities,’ explained Lars Huber, CEO of Hines Europe.
This is the joint venture’s second student residence investment following an earlier project in Lancaster, UK.
‘We are pleased to further extend our partnership with Hines as student housing is an asset class with compelling underlying fundamentals across a range of different European cities,’ Nick Weber, founding partner of Henderson Park, added