Eastborough Partners has entered the Spanish purpose-built student accommodation (PBSA) market through the acquisition of a student residence in central Madrid, in partnership with local operator Aguirre Investment Management (AIM).
Located on Calle del Postigo de San Martín, close to Gran Vía and Puerta del Sol, the property was converted from residential use into student accommodation in 2022. The joint venture, in which Eastborough holds a 90% stake and AIM 10%, plans to invest €1.6 million to reposition the asset.
The refurbishment programme will focus on improving operational efficiency and increasing capacity from 72 to 116 beds. Once completed, the residence will be operated by Yugo under a management agreement.
According to Eastborough, the property benefits from a catchment area of around 108,000 students, while the local provision rate remains below 7%, reflecting one of Europe's largest supply gaps in student accommodation. The asset's location also positions it to target international students attending universities in central Madrid.
The transaction was advised by JLL and the law firm Belda, Bordón & Merodio.
The acquisition marks Eastborough Partners' first investment in Spain's PBSA sector, following previous office investments in Madrid. For AIM, the transaction strengthens its strategy of partnering with international investors to source and reposition alternative real estate assets in Spain.
