The PGGM fund closes the purchase of the Resa student residences

The PGGM fund has reached a definitive agreement to acquire from Greystar, AXA IM Alts and the investors represented by CBRE Investment Management 100% of the capital of Resa, a group dedicated to student residences, as reported on Monday by the different parties by the closing of the operation. The transaction would have been closed for around 900 million euros, according to market sources.

This operation reinforces PGGM’s business in this sector, in which it has already established a partnership with UPP in the United Kingdom for more than 10 years, a company in which the fund is the majority shareholder with a 60% stake, as reported in a release.

Between 2017 and 2022, Resa has grown to become the largest platform for student residences in Spain, with approximately 11,200 beds in 21 student cities, including Madrid, Barcelona and Valencia, and has expanded its portfolio from 33 residences to 43 (40 are currently in operation and three under development, with openings planned in 2024 and 2025)-

The operation takes place after a structured process in which a large number of potential buyers have participated. The closing of the transaction is subject to approval by the Spanish competition authorities.

BBVA (M&A and debt advisor), Freshfields Bruckhaus Deringer (legal), KPMG (financial and tax), and Savills (technical) have advised PGGM on the acquisition.

For their part, Eastdil Secured (M&A), CBRE (commercial), Garrigues (legal and tax), Deloitte (financial), Arcadis (technical) and Longevity have advised AXA IM Alts, CBRE IM and Greystar in the sale.

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