EQT Exeter Sells Premier Student Housing Portfolio in Spain to Azora, Marking Key Milestone

EQT Exeter Sells Premier Student Housing Portfolio in Spain to Azora, Marking Key Milestone

(IN BRIEF) EQT Exeter has sold a portfolio of 12 student housing assets across nine cities in Spain to Azora, marking a key step in the Spanish student accommodation market. The portfolio, which has grown from 1,500 to 4,100 beds since 2021, includes properties in major cities like Madrid and Barcelona. Several buildings in the portfolio have achieved LEED Platinum certification. Azora’s acquisition marks its return to the purpose-built student accommodation (PBSA) sector, where it previously led by creating the largest PBSA portfolio in Europe. The company plans to expand its portfolio to approximately 10,000 beds across Southern Europe.

(PRESS RELEASE) STOCKHOLM, 2-Dec-2024 — /EuropaWire/ — EQT Exeter, a leading global real estate investment manager, has successfully closed the sale of a portfolio consisting of 12 purpose-built student accommodation (PBSA) assets located across nine Spanish cities. The buyer, a vehicle managed by Azora, marks a significant transaction in the Spanish student housing market.

This deal represents the culmination of EQT Exeter’s partnership with developer Grupo Moraval, which began in May 2021. Initially starting with two assets and 1,500 beds, the portfolio has since expanded to 12 assets with 4,100 beds in key Spanish cities, including Madrid and Barcelona, as well as secondary education hubs like Seville, Málaga, and Granada. In just two years, the portfolio became the fourth largest student housing portfolio in Spain, with several buildings earning the prestigious LEED Platinum certification, the first student housing assets in Europe to do so.

A Strong Market and Strategic Acquisition

Tom Livelli, Partner and Head of Living Strategies, Europe at EQT Exeter, emphasized the strong demand for high-quality student housing across Europe, especially in Spain, where economic growth and an undersupply of student accommodations provide significant investment opportunities. He noted, “This portfolio reflects the growing demand for top-tier student housing in Spain and highlights our expertise in investment, development, and operations.”

Carlos Molero Sánchez de la Blanca, Managing Director of EQT Exeter, shared his enthusiasm about the sale, saying, “This transaction is a great example of our ‘local with locals’ strategy, allowing us to leverage deep market knowledge to create a resilient, high-impact portfolio. We are excited to continue expanding in the European living sector.”

Azora’s Return to the PBSA Market

For Azora, this acquisition marks its return to the PBSA sector, which it previously led over a decade ago by establishing the largest student housing portfolio in continental Europe. The firm sold this portfolio in 2017 and is now focused on expanding its presence in Southern Europe with a new PBSA vehicle. José Alonso, Partner at Azora, explained, “Now is the perfect time to reenter the PBSA market to address the current housing shortage for students in Spain and other Southern European countries. This acquisition will serve as the foundation for our plans to expand to approximately 10,000 beds in key locations across the region.”

Looking Ahead

Azora plans to leverage this acquisition to develop a larger portfolio of PBSA across Southern Europe, capitalizing on the strong demand for student housing. The deal also underscores the ongoing interest in the Spanish student accommodation market and the growing need for high-quality, sustainable housing options for students.

About the Companies Involved

EQT Exeter is a global real estate investment manager with over $30 billion in equity under management. The firm focuses on acquiring, developing, and managing properties across various sectors, including logistics, office spaces, and residential properties, in Europe, the Americas, and Asia.

Azora is an international investment management firm with over €14.6 billion in assets under management. The firm specializes in alternative investments across sectors such as living, hospitality, and renewable energy, with a strong track record of creating value through active management and tailored investment solutions.

Grupo Moraval is a leading developer of student residences in Spain, known for its high-quality, sustainable developments. The firm continues to innovate in the student accommodation space, with a focus on creating flexible living spaces and achieving high sustainability standards.

About EQT Exeter
EQT Exeter is a global real estate investment manager with over $30 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 450 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter’s track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.

More info: https://eqtexeter.com/
Follow EQT Exeter on LinkedIn

About Azora
Founded in 2003, Azora is a leading international alternative investment management platform with offices in Madrid, Spain, and Miami, FL. Managing over €14.6 billion in assets across the “living,” hospitality, logistics, office, and renewable energy sectors in Europe and the United States, Azora has a proven track record of creating value through innovative investment strategies and active management.

The firm is a pioneer in developing scalable platforms and providing tailored investment solutions for private investors, focusing on major market megatrends. With a strong track record in real asset investments, it specializes in identifying untapped investment opportunities and channeling capital to the areas where it is most needed.

For more information about Azora, visit https://www.azora.com

About Grupo Moraval
Grupo Moraval is the leading developer of student residences in Spain and in recent years has also been developing flexible accommodation for tourist use. By 2025, its portfolio of student spaces and flexible tourist accommodation will exceed 7,500 beds with an investment volume of over 500 million euros. The properties already in operation are located in Madrid, Barcelona, Girona, Malaga, Granada, Bilbao, San Sebastian, Pamplona, Salamanca, Seville and Zaragoza. Together with leading institutional investors and private banking funds, it has been a pioneer in the introduction of new models of student accommodation and flexible living spaces. Committed to continuous improvement, its developments introduce innovations in aspects such as sustainability and digitalization, being the first in all of Europe to have achieved LEED Platinum certification in construction for the student accommodation category.

Follow Grupo Moraval on LinkedIn

Media Contacts:

EQT:
For Spanish press, Sofía García, sgarcia@grupoalbion.net, +34915312388

For international press, EQT Press Office, press@eqtpartners.com

Azora (Spain):
Nacho Miquel, nacho.miquel@irazustacomunicacion.com

Alberto Rodríguez, alberto.rodriguez@irazustacomunicacion.com
+34915634179

Azora (Europe):
Richard Sunderland / James McEwan / Ellie Smith, Azora@FTIConsulting.com
+442037271000

SOURCE: EQT