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.