Henderson Park, the pan-European private equity real estate firm, and Hines, the international real estate firm, have secured €27.5 million of development financing from French corporate and investment bank Natixis, for two projects in Barcelona. Acquired by Henderson Park and Hines in 2019, the development comprises a purpose built student accommodation (PBSA) asset and an office, both of which are located on Cristóbal de Moura street, in the 22@ Norte district.
Work on the 350-bed student complex and the 3,610 sq m office building began in May 2021, with both scheduled for completion in the summer of 2023. Once completed, the student residence will be managed by aparto, the dedicated student accommodation brand and platform at Hines.
The project has been designed to meet the highest standard of sustainability and technology, with both assets aiming to secure LEED Gold and WELL ratings. The Cristóbal de Moura office building is also in the process of obtaining WiredScore certification, a distinction that measures the quality and resilience of a building’s digital infrastructure.
The assets are located in the thriving 22@ district of Barcelona, which is in close proximity to the new university campuses of the Universitat Politècnica de Catalunya, and the Toulouse Business School. The latter was acquired by Henderson Park and Hines in 2018 as a separate development, and has now been forward sold. 22@ is one of the most important innovation hubs in Europe and is particularly well-known for its excellent connectivity with the rest of the city, as well as being home to a large number of successful regeneration projects that remain under development.
Barcelona is one of the top 10 European student cities. There is a constrained supply of student accommodation in Barcelona with an estimated 8,700 PBSA beds in operation and 165,000 students on average per year. The vacancy rate is 5%, equivalent to 19 students for every available PBSA bed, which reflects the need for a greater supply .
Cristóbal de Moura is the second student residence project in Barcelona’s 22@ district developed by Henderson Park and Hines, following the Pallars project, a 20,000 sq m building with 743 rooms adjacent to the new Toulouse Business School headquarters in Barcelona. The completion of these works is scheduled for the start of the 2022/23 academic year.
Source : Joint release