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.
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