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Funding
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Mezzanine - Student Accomodation Development in Barcelona, Spain

Barcelona
,
Spain
DEAL
001075
POSTED ON
August 20, 2020
INVESTMENT SUMMARY
IRR
10%
Multiple
NA
LTV
60%
First Year CoC
NA
Stabilised CoC
NA
Status
Funding
Deal #
001075
Asset Class
Student Accommodation
Strategy
Development
Capital Type
Mezzanine
Deal Size
9.2
m
Investment Size
3.3
m
Holding Period
2 Years
INVESTMENT HIGHLIGHTS
  • The Sponsor is looking for development financing for the construction of a student residence in Barcelona. The proposed development is located in a prime location in Barcelona, 10 minutes walking distance from Pompeu Fabra University.
  • The site was granted planing permission in October 2019 with construction permit recently available. The site is a greenfield with no demolition required and is ready for immediate construction. The Sponsor acquired an option on the land and is looking to arrange full development financing before starting construction.
  • The Sponsor is an emerging operator and the brand was created over 2 years ago. They currently have over 1,000 beds under management  and aggressive expansion plans across European capitals. Their concept provides a blend of student accommodation and co-working space. Their residences offer mainly single rooms with a small number of twin rooms depending on the location and layout.
  • The proposed development is located in a prime location in Barcelona, 10 minutes walking distance from Pompeu Fabra University. GCA is 3,350 sqm and GIA is 2,500 sqm. The site enjoys private parking and and 578 sqm of outdoor space. Average unit has 22 sqm and the bedrooms occupy 1,274 sqm.
  • Total project costs are estimated at €9.2m with €5.5m of construction costs and €3.7m site acquisition. The Sponsor is contributing with up to 10% of total project costs as equity. Senior loan is being arranged for the construction costs and the Sponsor is looking for c.€3m for site acquisition.
KEY DEAL POINTS
KEY FINANCIALS
ABOUT SPONSOR
Emerging Sponsor
The Sponsor is an emerging student accomodation operator and developer. Currently they own and operate +1,000 beds across Spain, France, Italy and Austria. They have aggressive expansion plans to expand their brand across main European capitals. Their residences offer mainly single rooms with a small number of twin rooms depending on the location and layout aiming to provide natural light to all students rooms and private bathroom. Their approach is to create up to 350 beds in each residence. Their founders are renowned entrepreneurs having worked with the student sector for over a decade.
FURTHER IMAGES
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LOCATION
DEAL DATA ROOM
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INVESTMENT SUMMARY
Strategy
Development
Asset Class
Student Accommodation
LTV
60%
Deal Size
9.2
m
Closing
Nov2020
Capital Type
Mezzanine
Investment Size
3.3
m
Net IRR
10%
Multiple
NA
Holding Period
2 Years
INVESTMENT DETAILS
  • The Sponsor is looking for development financing for the construction of a student residence in Barcelona. The proposed development is located in a prime location in Barcelona, 10 minutes walking distance from Pompeu Fabra University.
  • The site was granted planing permission in October 2019 with construction permit recently available. The site is a greenfield with no demolition required and is ready for immediate construction. The Sponsor acquired an option on the land and is looking to arrange full development financing before starting construction.
  • The Sponsor is an emerging operator and the brand was created over 2 years ago. They currently have over 1,000 beds under management  and aggressive expansion plans across European capitals. Their concept provides a blend of student accommodation and co-working space. Their residences offer mainly single rooms with a small number of twin rooms depending on the location and layout.
  • The proposed development is located in a prime location in Barcelona, 10 minutes walking distance from Pompeu Fabra University. GCA is 3,350 sqm and GIA is 2,500 sqm. The site enjoys private parking and and 578 sqm of outdoor space. Average unit has 22 sqm and the bedrooms occupy 1,274 sqm.
  • Total project costs are estimated at €9.2m with €5.5m of construction costs and €3.7m site acquisition. The Sponsor is contributing with up to 10% of total project costs as equity. Senior loan is being arranged for the construction costs and the Sponsor is looking for c.€3m for site acquisition.
INVESTMENT HIGHLIGHTS
Funding
SUMMARY
Opportunity to participate in the development of a student accommodation in Barcelona, Spain. The Sponsor is an experienced operator and developer with currently over 1,000 beds under management. After securing the planning and construction permit for the land, they are looking for capital that will permit them to complete the acquisition of the land and its further development.
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