is acquiring a 435-bed student housing site in Spain鈥檚 capital city from TPG and Urbania for an undisclosed amount.
The real estate manager has agreed to buy the site at the Madrid Autonomous University鈥檚 Cantoblanco Campus in Madrid to develop a purpose-built student accommodation (PBSA) project expected to be operational by the 2025/26 academic year.
The completed asset will operate under 鈥檚 pan-European brand Canvas, as Canvas Madrid.
The Canvas brand now has 12 operational assets and a further seven in the pipeline, comprising more than 9,000 beds in university cities across the UK, Netherlands, Germany, France and Spain.
The transaction marks Greystar鈥檚 return to the PBSA sector in Spain following the sale of the RESA platform in August 2022.
Greystar said the acquisition underscores the firm鈥檚 belief in the Spanish PBSA market and its confidence in Madrid鈥檚 enduring demand fundamentals, despite the limited pipeline caused by the shortage of privately managed land.
Rafael Fern谩ndez-Villaverde, senior investment director for southern Europe at Greystar, said: 鈥淭he acquisition of a fully-licensed, on-campus PBSA site in a highly sought-after but under-supplied area presented the perfect opportunity for us to start rebuilding our PBSA platform in Spain under the Canvas brand.
鈥淚n little over a year, we have achieved our goal of creating a truly pan-European PBSA brand with Canvas quickly becoming synonymous with not only high-quality accommodation and amenities but a focus on providing a service that puts our resident experience and wellbeing at its heart.鈥�
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