Greystar acquires three student residences from Merkel Capital: Advisors
Greystar, through its Greystar Equity Partners Europe Fund II, has completed the acquisition of three student residences in Pamplona, Seville and Sabadell from Merkel Capital, a developer, operator and manager specialising in the student housing and accommodation sector.
The portfolio comprises more than 1,200 beds in three assets located in Pamplona, Sabadell (Barcelona) and Seville.
The transaction was financed by Deutsche Pfandbriefbank (PBB). Greystar resumed its activity in the student housing sector in Spain in 2023, following the sale of the Resa platform, which had become one of the country’s leading providers of student accommodation.
All residences will operate under the Canvas brand, Greystar’s pan-European brand for students and young professionals, launched in 2021, which currently has 26 assets in seven countries, with a total of more than 11,700 beds (including projects under development).
The transaction is also in line with the objectives of Merkel Capital, which has extensive experience in residential and hotel development and a portfolio of more than 4,000 beds and eight projects underway in Spain. Merkel Capital aims to continue growing steadily in the residential sector, with new projects planned in the Iberian Peninsula and Italy. This year, the company will exceed the £400 million investment in PBSA envisaged in its 2025 Business Plan by £200 million.
Advisors
Greystar was advised by Uría Menéndez, EY and Mace. Merkel Capital was advised by Garrigues, Eastdil Secured and Andersen. Catella acted as intermediary in the transaction.
Uría Menéndez advised Greystar Equity Partners Europe Fund II (United Kingdom) on the acquisition and on the financing by Deutsche Pfandbriefbank AG. The Mergers & Acquisitions / Real Estate team was led by Diego Armero Montes (partner, Madrid) and Iván Abad Lloria (partner, Madrid), together with Rosa Cuesta Gómez (associate, Madrid), Guillermo Bermejo Pérez (associate, Madrid), Candela Medrano Marcos (trainee lawyer, Madrid) and Alejandro Ballesteros González (associate, Madrid).
From the Finance department, the team included Ignacio Álvarez Couso (partner, Madrid), Ignacio Zapata Benito (managing associate, Madrid), Álvaro Martín Sierra (senior associate, Madrid), José María Beneyto Brunet (senior associate, Madrid), Ana Vargas Parody (associate, Madrid) and Aitor Nicuesa García (trainee solicitor, Madrid).
The Urban Planning advise was provided by Miguel Herráiz Sanchís (associate director, Urban Planning, Madrid), Miguel Ángel Buitrago García (supervising associate, Urban Planning, Madrid) and Álvaro Giménez Barrios (associate, Planning, Valencia).
Finally, the Competition team was represented by Tomás Arranz (partner, Madrid).
