Jones Day acts for AXA, Greystar and CBRE on acquisition of Spanish student accommodation portfolio
Jones Day advised Axa Investment Managers, Greystar Real Estate Partners and CBRE Global Investment Partners on their acquisition of Spanish student accommodation company Residencias de Estudiantes.
The vendors – Azora, Artá Capital, Mutua Madrileña and Banca March – instructed Garrigues on the deal, according to Mergermarket.
Residencias de Estudiantes has a portfolio of 37 properties in Spain comprising 9,000 beds. It is valued at more than €400 million.
Investors are interested in acquiring student accommodation in Spain because it offers returns of between 5 per cent and 6 per cent per year, compared to the 3 per cent or 4 per cent offered by office buildings or shopping centres, for example.
