Medinvest Asset Management (Medinvest) and King Street Capital Management (King Street) have revealed that, since the establishment of their joint venture in 2021, they have invested close to €250 million in student residences in Spain. This joint effort has given rise to the student accommodation platform Bravo! Students, which currently manages six assets in operation and under development in major Spanish university cities.
In addition, Medinvest has exclusive rights to four additional assets that will increase the offer by 900 beds, bringing the total to 3,600 beds. Students will be positioned among the ten largest operators of student residences in Spain by the end of the year.
The platform's first residence, located in Granada, started operations in September 2023, offering 300 beds in more than 250 rooms and reaching an occupancy rate of 100%. The opening of Bravo! Students Salamanca is expected to open in September 2024, while residences in Seville, Murcia, Zaragoza and Madrid are projected to open in 2025.
With an ambitious target of doubling investment in the next 12 months, the joint venture aims to become the third largest operator in the sector in Spain, offering more than 6,000 places. They remain active in the market with plans to expand their presence in cities with high student demand such as Madrid, Malaga, Valencia, Bilbao or San Sebastian, focusing on building customised and accessible solutions.
The joint venture aims to become the third largest operator in the sector in Spain, offering more than 6,000 places.
Juan de la Peña, co-founder and co-CEO of Medinvest, said: "We are very proud of the road we have travelled in these two years, as we have managed to create a high quality portfolio that responds to the demands of students and their families, always prioritising attention to detail. Our objective is clear, we want to continue to grow in those cities where there is demand and we believe that our offer will make a difference".
Paul Brennan, partner and co-head of real estate at King Street, commented: "With a long history of real estate investment in Spain, we believe that the student accommodation sector has a very attractive base. By partnering with Medinvest, we have created a high quality platform, Bravo! Students, which will benefit Spanish students by providing them with access to affordable, purpose-built accommodation. We look forward to further expanding the Bravo! Students portfolio and supporting the growth of the sector in Spain.
