The multinational company specialising in high-end student residences 'Student Experience' has secured the necessary financing for the investment and construction of a new complex in Granada. The project, located in the Granada technology park, will consist of a total of 520 fully furnished studios surrounded by facilities including a swimming pool and paddle tennis courts. The opening is scheduled for 2024, coinciding with the start of the school year.
Student Experience, in partnership with Rinkelberg Capital, is a Dutch PBSA group that currently manages more than 3,000 beds in the Netherlands. Granada is its second project in Spain following its first location in Madrid, Pozuelo, a 600-student residence that opened last April. The company plans to expand its presence in Spain with new projects in the main Spanish cities where it currently has a pipeline of 3,600 beds.
Johan Verweij, CEO of Student Experience, commented: "We are delighted to have secured funding for our second project in Spain, where we believe there is a great opportunity to increase our international presence. BBVA has provided financing for the construction and investment period on very attractive terms that will allow us to realise the full potential of the residence, in line with our investment requirements".
Salvador Pastor, Partner at C&W EMEA Debt & Structured Finance, explained that "it has been an honour to work with Student Experience on this transaction which showcases C&W's capabilities in the PBSA sector". Pastor added: "We would like to thank the BBVA team for their support throughout the entire process up to execution.
Student Experience's legal advisor was Cuatrecasas while BBVA was advised by DLA Piper. C&W's Debt & Structured Finance team acted on behalf of Student Experience, executing a structured process among more than 30 national and international lenders.