Two 鈧�1bn-plus deals in the Spanish living sector this week point to soaring investor interest in this segment which is experiencing significant price increases.

Spanish residential property developer Neinor Homes is acquiring listed peer Aedas Homes in a 鈧�1.1bn deal, having received backing from Aedas鈥� largest shareholder Castlelake which owns a 79% stake.

Also, in a much-anticipated transaction, CPP Investments-backed student accommodation platform Nido Living has emerged as the buyer of Brookfield Asset Management鈥檚 Iberian student housing portfolio Livensa Living in a landmark acquisition valued at 鈧�1.2bn. 

The deal adds around 9,000 beds across 22 residences in Spain and Portugal, significantly advancing Nido鈥檚 strategic goal of owning and operating 25,000 beds across continental Europe by 2031.

Carlo Matta, chief executive officer of Nido Living, said: 鈥淭his acquisition marks a significant step forward for Nido, reflecting the scale of backing for us from our shareholder CPP Investments as well as debt finance provider, and the clarity of our ambition to become the largest and the preferred student accommodation provider in continental Europe.鈥�

To finance the acquisition, Nido Living secured a 鈧�700m financing from Cr茅dit Agricole CIB which is acting as the sole bookrunner. 

Also this week, global logistics investment manager Realterm raised over 鈧�470m in the final closing of its closed-end, value-add, pan-European Realterm Europe Logistics Fund II (RELF II), substantially exceeding its 鈧�400m target. The fund raised the capital from 17 US and European institutional investors, including a diverse mix of endowments, foundations, public and corporate pension plans, OCIOs, multi-managers and funds of funds.  

RELF II is the only pan-European fund series focused exclusively on the transportation-advantaged industrial outdoor storage (IOS) sector.  

鈥淲e believe this will prove to be a phenomenal fund vintage,鈥� said Balazs Lados, managing director at Realterm and fund manager for RELF II. 鈥淒espite macro and geopolitical headwinds, our conviction remains solid in investing in transportation logistics real estate in primary and key secondary markets along pan-European transport corridors that are serviced by mission-critical infrastructure hubs across Western, Central and Southern Europe.鈥�  

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
Livensa Living living Spain Nido Living Brookfield AM 9,000beds 鈧�1200 The acquisition adds 9,000 beds across 22 schemes in Spain and Portugal.
Neinor Homes platform living Spain Aedas Homes Shareholders land bank for 12,000 homes 鈧�1100 As part of the transaction, Neinor said it will inject 鈧�1.25bn into Aedas.
rental resi portfolio living Finland Apollo Global Management and Avant Capital Partners Kojamo 1,944 apartments 鈧�242 The properties are located in Jyv盲skyl盲, Lahti, Kuopio, H盲meenlinna, Helsinki, Tampere, Turku and Espoo.
four-asset Access portfolio logistics UK Barings Blackstone 746,795sqft 拢145 (鈧�170) The multi-let urban logistics properties are located in Basingstoke, Bracknell, Welwyn Garden City and Milton Keynes.
Fairmont La Hacienda and La Hacienda Links Golf Resort hotel Cadiz Activum MHRE 47 villas 鈧�170 The acquisition is part of MHRE鈥檚 plans to focus on luxury hotel assets.
five properties mixed Sweden Castellum Corem 46,100m2 鈧�159 The properties are located in Link枚ping, Uppsala and 脰rebro.
two office properties office Munich and Hamburg CONREN Land Quest Investment Partners 13,300m2 鈧�150 Both properties are fully let.
Frontier Park Blackburn logistics Blackburn, UK Clarion Partners Europe Monte Blackburn 954,000sqft 拢115 (鈧�135) The property was bought below replacement cost.
Miragem Cascais hotel Cascais, Portugal Ibervalles and ARD Investment & Development NA 87rooms 鈧�125 The buyers plan to invest over 鈧�200m to reposition the asset.
Radisson Blu Hotel Dublin Airport hotel Dublin Dalata Hotel Group NA NA 鈧�83 The Group first announced in November 2024 that it was to buy the hotel.
mixed-use portfolio in St John鈥檚 Wood mixed London Aprirose Trophaeum 75 resi units 拢65 (鈧�76) The portfolio comprises 32 retail and 75 residential units, with 19 car parking spaces.
0% stake in Torre Caleido office Madrid Emperador Properties Incus Capital 138,000m2 鈧�76 The buyer already owned 50% of the tower.
Marthahus living Copenhagen Sampension Solstra Development 12,292m2 鈧�67 (DKK500) The property offers 154 rental homes.
Westwood Trading Estate logistics London Valor private investor 125,000sqft 拢55 (鈧�65) The estate, developed in the 1980s, comprises two terraces across 13 units.
Ruby Stella hotel hotel London LaSalle Investment Management NA 153 rooms 拢48 (鈧�56) The newly developed, purpose-built 153-key hotel opened in late 2024 and is operated by Ruby Hotels on a 30-year index-linked lease.
two floors of Palazzo del Toro office Milan FASC Immobiliare ARECneprix NA 鈧�51.5 Located at Piazza San Babila 1, the complex has a total of 11 floors.
25% stake in CB21 tower office Paris Covivio CNP Assurance 68,000m2 鈧�50+ Covivio has full ownership of the tower after the acquisition.
Shopping Centre Molinetto Brescia and Shopping Centre Eurosia in Parma retail Mazzano and Parma, Italy Gallerie Bennet NA ~14,000m2 鈧�50 The two malls offer a total of 80 shops.
logistics asset logistics Gothenburg Savills IM S枚rred Logistikpark 15,000m2 鈧�35 The asset is leased to a Swedish multinational car manufacturer for 10 years.
88 rue de Rivoli mixed Paris Immobili猫re Dassault Pimco 6,000m2 NA Zara is one of the occupiers.
Via Dante 1 office building office Genoa Unicredit Core Nord-Ovest fund managed by Ream Sgr 15,000m2 NA Unicredit is also the occupier of the building.
single family home portfolio living UK Lloyds Living Barratt Redrow 598 homes NA The first new homes will be available to rent from July 2025.
logistics asset logistics Schwarzenbruck, Germany P3 VIB 30,858m2 NA Constructed in 2018, the fully-leased facility boasts sustainable features.
FLSmidth鈥檚 former HQ office Copenhagen Nrep and AG Gruppen NA 72,000m2 NA Nrep and AG Gruppen plan to redevelop the building into a mix of modern office facilities and homes for local people.
Taunusstra脽e 41 office Munich Montano Real Estate HIH Invest Real Estate 23,000m2 NA The single tenant is BMW AG.

 

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
Wola Center office Warsaw 34,930m2 鈧�120 NA The office building is owned by the Hines European Value Fund (HEVF 1).
7 Old Park Lane office London Gruppo Romeo 54,480sqft 拢100 (鈧�117) Cushman & Wakefield and Michael Elliott Gruppo Romeo bought the building in 2015 from Meridian Properties for 拢82.7m.
high-spec manufacturing facility logistics Limerick Wyeth Nutritionals Ireland 64,990sqft 鈧�22 Colliers The production plant and R&D centre are to be shut down on a phased basis.
Two College Square living Bristol CBRE Investment Management 53,000sqft 拢15 (鈧�17.5) Savills The owner bought the scheme from M&G for a client in 2016 for just under 拢23m.
36-48 Argyle Street retail Glasgow HIH Invest 82,507sqft 拢15 (鈧�17.5) CBRE The sale price for the TK Maxx and Holland & Barrett home reflects a net initial yield of 6.88% .
12th Street Leisure Quarter leisure Milton Keynes Otium Real Estate 112,420sqft 拢14.5 (鈧�17) Montagu Evans The quoting price reflects a net initial yield of 9.5%.
Next store retail Liverpool RLAM 47,000sqft 拢13.5 (鈧�16) Jackson Criss The sale price for 1-5 Church Street and 2-26 Whitechapel reflects a net initial yield of 7.62%.
Pinnacle 1 and Pinnacle 2 office Dublin NA 149,000sqft NA JLL The vacant buildings were recently occupied by Google and Deutsche Bank.
Central Quay living Glasgow Summix 409 homes NA NA Offers are invited for a residential and build-to-rent development.
Crompton Place retail Bolton, UK Bolton Council 261,000sqft NA NA Bolton Council has begun its search for a development partner to lead the makeover of the Crompton Place shopping centre into a resi-led, mixed-use project.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
Consortium of global institutional, insurance and pension investors Medical Properties Trust and Praemia REIM German rehabilitation hospitals 鈧�702.5 The 10-year loan refinances a seven-year debt at a 5.1% fixed rate.
Cr茅dit Agricole CIB Nido Living Livensa Living platform 鈧�700 Cr茅dit Agricole CIB is the sole bookrunner for the acquisition financing.
Natwest Sovereign Network UK housing portfolio 拢250 (鈧�292) The finance will help SNG develop affordable housing across London and southern England.
Jefferies KKR and Stonepeak Assura platform 拢125 (鈧�146) KKR and Stonepeak Partners鈥� bid to take over Assura has received merger control clearance from the European Commission.
Rothschild Rocket Provost & East building in London 拢45 (鈧�53) The loan refinances the 95,000sqft office and retail building.
RNHB MaMa Pioneers Robin Wood in Amsterdam 鈧�22.5 RNHB鈥檚 mezzanine financing is structured alongside a senior loan from ABN AMRO.
Erste Group Panattoni Panattoni Park Warsaw West 鈧�10 The entire park will comprise over 90,000m2 of modern industrial space and is already fully let.

 

Funds on the market   
Firm Fund Strategy Details
Bouwinvest Senior Living Impact Fund Realising high-quality and sustainable senior housing in the Netherlands. Pensioenfonds PostNL, Stichting Pensioenfonds voor Personeelsdiensten (StiPP), Pensioenfonds TNO and ING bank have committed 鈧�130m to the fund.
The Valesco Group Special Situations Europe Fund NA The firm has received initial backing of 鈧�500m for the strategy.
Far East Orchard FE UK Student Accommodation Development Fund Investing in purpose-built student accommodation (PBSA) development opportunities in university cities across the UK. The firm has raised an initial 拢96m (鈧�112m) for the vehicle.
Realterm Realterm Europe Logistics Fund II Investing exclusively in the transportation-advantaged industrial outdoor storage (IOS) sector, alongside other transportation logistics real estate properties. The closed-end, value-add, pan-European vehicle raised 鈧�470m at final closing.

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