This partnership takes control of Temprano and includes an agreement to sign new 25 year triple net location contracts with 19 student residences in Spain and Portugal, with CESH, CPA®: 18 - Global, affiliated to an American REIT, and its partners. Purchasing options to subsequently acquire the abovementioned assets, corresponding to more than 8.000 beds between Portugal and Spain, were also guaranteed.
As part of this transaction, the joint venture’s affiliates took operational control of three assets: the Collegiate Madrid Aravaca, the Collegiate Marina Real, Valencia, and the Livensa Living Barcelona Diagonal Alto. In total, these assets offer around 1.000 beds, which will continue to be managed by Collegiate and by CRM.
On the other hand, Strategic Real Estate Partners III and Temprano guaranteed 1.000 more beds through other projects, thus increasing their total offer to more than 9.000 beds.
Alberto Nin, vice-president of Brookfield’s real estate team, commented in a release that «Brookfield is one of the largest European investors in the Living segment, having acquired and built platforms representing a total 60.000 rooms, operating or under development, all over Europe. We are excited with the expansion into the Iberian market which, we believe, will continue to benefit from an increase in demand, along with a strong local partner which has proven itself in the sector».
Temprano mentioned in a release: «we are very happy with the partnership with an investor such as Brookfield, which will allow Temprano to consolidate and increase its position as one of the main student residences owners and developers in Spain and in Portugal. This is a high-quality portfolio of fully owned assets, a topic about which Temprano has a deep knowledge, located in the main Iberian university cities. We believe that the combination of Temprano’s and Brookfield’s experience in student accommodation will allow us to offer the best solutions for this segment».
