Private European developer-investor Temprano Capital Partners has joined forces with WP Carey's CPA:18 – Global fund and Helena Rivero to acquire a prime, city-centre site in the Spanish city of Seville for the development of a new student residence.
Financial details were not disclosed.
The new project will provide premium quality living for 505 students in a building of 15,200 m2.
Temprano Student Living is currently developing five projects in Spain and three in Portugal, for a total of 3,500 beds in Iberia.
Jamie Rea of Temprano Capital Partners, who is responsible for development in Spain commented: 'The residence will be focused both on domestic and international students with the objective of being operational in September 2020. Most students currently lease from small, private landlords, where stock is of varying quality and as such, a large, modern facility within the city centre is anticipated to attract strong demand from students.'