Real estate investment firm Hines and private equity firm Henderson Park have secured €27.5m funding from French bank Natixis for the development of two projects in Barcelona, Spain.
The development, which was acquired by Henderson Park and Hines in 2019, includes a purpose-built student accommodation (PBSA) asset and an office building on Cristóbal de Moura street, in the 22@ Norte district.
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Construction work on the 350-bed student complex as well as the 3,610m2 office building commenced in May this year and are planned to be completed in the summer of 2023.
Upon completion, the student residence will be managed by Aparto, Hines’ division, which is dedicated to the management of student accommodation.
Hines stated that both the assets are targeting to achieve LEED Gold and WELL certification, while the Cristóbal de Moura office building is also in the process of obtaining WiredScore certification.
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Work on the project is planned to be completed in the start of 2022/23 academic year.
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By GlobalDataIt also noted that Cristóbal de Moura is the second student residence project in 22 @ in Barcelona, which is being developed by Henderson Park and Hines, following the Pallars project.
Located near the new Toulouse Business School headquarters in Barcelona, the Pallars project is a 20,000m2 building comprising 743 rooms.
Henderson Park managing director Christophe Kuhbier said: “This financing package from Natixis is another positive step forward for this project, allowing us to further progress the development alongside Hines and deliver a prime new office building and a first-class student residence.
“This latest milestone follows our recent successful realization, through a forward funding agreement, of another PBSA asset under construction in the 22@ area.
“These transactions demonstrate the demand for exposure to best-in-class, ESG-certified student accommodation assets.”
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Rendering of student residence and an office building in Spain. Credit: Hines.
