Private European real estate investor Temprano has made its Madrid debut, acquiring a site on which it plans to build its eleventh student residence in the Iberian peninsula.
Financial details were not disclosed.
The new scheme will cover some 10,000 m2 and provide housing for around 400 students, Temprano said, in the Getafe district of the capital.
'The latest development of Temprano Capital Partners will provide students with the offer of a modern lifestyle on campus,' said Jamie Rea, Temprano student living developer. 'The residence is well located allowing our students to stay connected to the vibrant activities of the center of Madrid.'
The first Temprano Student Living (TSL) project to complete was TSL Marques de Pombal in Lisbon, which opened its doors to students in January 2018.
With the addition of the Madrid scheme, TSL increases the number of beds in its portfolio to more than 4,000, the firm said.
According to TSL, Madrid has the largest number of students in Spain followed by Barcelona, Valencia and Bilbao respectively. The number of students enrolled in the region, in the 2018-2019 academic year, was more than 300,000 students, of which 196,400 are in public universities and the remainder are in various private educational institutions around Madrid.
The new residence will open its doors for the 2021-2022 academic year. In September 2019, Temprano plans to launch Livensa Living Diagonal Alto in Barcelona and Livensa Living Porto Campus in Porto.