In Spain, the increase in investment in 2017 was even higher and the report highlights it as one of the countries that has experienced higher growth in the last year, with operations worth €600 million at the end of 2017, well beyond the €50 million in 2016. The record values for 2017 correspond to two large operations; the sale of the portfolio of Resa by Azora to AXA, CBRE GIP and Greystar for €400 million (reported), and that of the portfolio of RIO by Oaktree to GSA for €180 million.
The Spanish market, in the growth phase, has currently an offer of this type of alternative assets still scarce, around 7%, but with prime returns close to 5.5%. The market has a total of 93,000 spaces and is currently dominated by a few private operators, among which are Resa, Nexo Residencias, Collegiate, Campus Residences, Mia Casa INN, TSH Camps and Tagaste.
Everything points that the investment trend in these assets will continue to rise in the coming years. According to Reno Cardiff, partner and director of Capital Markets Business Space of Cushman & Wakefield, "in 2018 there will be even more international funds in Spain interested in investing in alternative assets. For the investment community, Spain is an attractive market by a combination of three factors: the high name of internationally recognized universities, the capability to attract students from all over the world and the shortage of accommodation and quality for international students", stated Cardiff.