Jones Day and Baker McKenzie in Greystar deal
Jones Day has advised Greystar, a global investor and operator in residential real estate, on the acquisition of two student housing assets in Spain from Straco Real Estate. Baker McKenzie advised the seller on the transaction.
Deal details
The portfolio comprises two purpose-built student accommodation (PBSA) assets located in Salamanca and Valencia, two of Spain’s main university cities. The acquisition adds 1,600 beds to Greystar’s portfolio in Spain, which now totals approximately 3,000 beds.
The assets incorporate high sustainability standards and will operate under Canvas, Greystar’s pan-European brand for students and young professionals, launched in 2021.
The transaction forms part of Straco Real Estate’s strategy to develop student accommodation assets in key university markets across Spain. Straco Real Estate is a pan-European real estate developer and investor active in high-end residential projects, PBSA, offices, retail, and semi-industrial sectors.
Student housing investment in Spain
Market context
The deal reinforces Greystar’s position in Spain’s student housing market, which continues to attract institutional investors due to the imbalance between supply and demand for purpose-built student accommodation.
Legal advisors
Jones Day provided integrated legal advice to Greystar through a multidisciplinary team led by partners Javier Muñoz Méndez (Real Estate, Madrid), Raimundo Ortega (Competition, Madrid), Blanca Puyol (Corporate, Madrid), and Vidal Galindo (Employment, Madrid). The team also included counsel Luis López Claver (Real Estate, Madrid), Ángel Magdaleno (Urban Planning, Madrid), and Javier Gutiérrez (Employment, Madrid), along with associates Carolina Naranjo, Jorge Cantón, Eduardo Ortega, Victoria Paredes, Laura Sánchez and María Conejero.
Baker McKenzie Spain advised Straco Real Estate throughout the transaction. The team was led by partners Guillermo Rodrigo García, Paloma Alcón Ricote and Jaime Armijo Forero.The assets are located in two of Spain’s main university cities and form part of a segment that has seen activity from international investors, particularly in alternative real estate and living sectors.
Baker McKenzie Spain provided legal advice throughout the transaction. The team was led by partners Guillermo Rodrigo García, Paloma Alcón Ricote and Jaime Armijo Forero.
