Spanish student accommodation marketplace Resa has been acquired by a joint venture partnership.
The majority of the company was picked up by AXA Investment Managers – Real Assets, and CBRE Global Investments, with both picking up an equal share. The remaining stake was acquired by Greystar Real Estate Partners. This marks Greystar’s first investment into Spain, and will serve as a platform to build a diversified rental housing business and portfolio.
Resa is a student accommodation marketplace, managing over 9,000 student beds in 19 cities across Spain. The solution helps students to find accommodation for their time at university, with the online platform also accepting payments for registration fees, deposits and rent.
Following the acquisition, the company will still operate under Resa, but overall management will be with Greystar.
Greystar Investment Management executive managing director Wes Fuller said, “The Resa portfolio is undoubtedly Spain’s premier student accommodation provider and will provide Greystar with a significant presence in the prime markets of Madrid and Barcelona on which to build out a diversified Spanish rental housing platform.”
This investment comes as Greystar looks to boost its activity in Spain, with the firm looking to invest in the countries rental housing market including student, young professional and senior housing. The firm currently has a pipeline of opportunities in Spain and Portugal.
To support this expansion, the firm has named Juan Acosta as a new managing director. Prior to this position, Acosta has served at CBRE Global Investment Partners, and ING Real Estate, where he helped with sourcing, acquisitions, and portfolio management.
The Spanish FinTech sector was dominated by three verticals last year, marketplace lending, funding platform and WealthTech. These three areas make up for three quarters of the countries FinTech investments, and were the only spaces to receive more than $1m.