SUMMARY OVERVIEW H1 2021 SPANISH REAL ESTATE MARKET - HOSPITALITY RETAIL RESIDENTIAL OFFICES LOGISTICS SENIOR HOUSING STUDENT ...
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SUMMARY OVERVIEW
H1 2021 SPANISH REAL ESTATE MARKET
HOSPITALITY ● RETAIL ● RESIDENTIAL ● OFFICES ● LOGISTICS ● SENIOR HOUSING ● STUDENT ACCOMMODATION
3rd September 2021
H1 2021 Spanish Market Overview
Macroeconomics GDP Growth Rate
▪ The Spanish economy is experiencing a solid recovery from the 25%
Covid-19 crisis, mainly thanks to the massive vaccination levels 14.8%
Covid-19 reached across the population. As of September the 1st 2021, in 15%
6.2% 5.8%
Spain more than 32.9 million inhabitants (70% of total population) 2.0%
5%
have received the complete vaccination pattern.
-5%
▪ As a consequence of this, the Spanish GDP rate experienced an
historical increase of +19.8% in Q2 vs the previous year. Totalling -15% -11.0%
a growth for H1 of +14.8%. 2019 A 2020 A H1 2021 2021 E 2022 E
GDP
▪ For FY 2021, IMF latest forecast foresees a total GDP growth of Spain France Italy U.K. Euro area
+6.2% in Spain and +5.8% for FY 2022, being one of the countries
with highest growth expectations in the Eurozone. Real Estate Activity
▪ Regarding employment, the Bank of Spain has improved its forecasts to • Total direct investment in H1 2021 amounted c.€5,489 million.
an unemployment rate of c. 15% (not taking into account all workers The most ‘desired’ assets by typologies were:
under ERTE (Record of Temporary Employment Regulation). The
Employment • Logistics: €1,400 million (26%)
Spanish government has extended the ERTEs until the end of
Investment • Residential : €1,067 million (19%)
September, committing a total of more than 21 billion euros in aid to
workers. volume in • Hospitality: €995 million (18%)
Spanish real • The investment volume achieved during H1 2021, thanks to the
▪ Summer 2021’s data indicates 2.2 million visitors in June (-75% vs estate sector second best quarter in 10 years (€3.5 billion euros in Q2 2021),
June 2019) and raising up to c.10 million in July and August (-50% has boosted the confidence towards RE sector, as it is expected
vs same period 2019). to meet the most optimistic forecast set at the beginning of
▪ The gradual recovery has been driven mainly by the volume of national the year (between €10 and €12 billion by the end of 2021).
Tourism
tourist (boosted by the travel bonds distributed) and followed by key • The positive evolution of the pandemic and the economic
European countries such as France or Germany, where restrictions forecasts, have led to an improvement in the appetite of
for travelling to Spain have been lifted. The coastal Mediterranean RE Spanish traditional bank financing, especially in sectors such as PRS
destinations and the Islands have been the main receptors of visitors. Financial and BTR and logistics.
Market 2021
▪ Aiming to support liquidity, the European Union has conceded ‘Next • Alternative financing will play a key role in the coming months
Generation Funds’ in favour of Spain for a maximum total amount of as it has been doing for the last year, covering the need for
Other €71.6 billion in the coming 3 years, out of which in 2021 Spain is financing not covered by the banks.
expecting to receive €19 billion.
Source: CG Capital Europe Research, selected brokers’ reports and Spanish Ministry of Health and Statistics Institute (INE), IMF, OCDE & Treasury Deputy. CG CAPITAL EUROPE | 2
H1 2021 Spanish Real Estate Market Overview
Investment Overview
Investment Volume (€ million) Investment by Sector (% and € million) ▪ The main transactions during H1 2021 were: the purchase of Montepino’s logistic portfolio by
€5,489
H1 2021 €10,000 – 12,000 million Bankinter (6 assets valued at €1,200 million), the Jv. between DWS and Gestilar to build 1,000
€250, €244,
2020 5% 4% BTR dwells (€240 million), the sale of the Edition Hotel Madrid to Archer Hotel Capital (€205
Logistic
2019 €686,
2018 12% million) and the office building, Project Sea, in Barcelona’s 22@ from Meridia to Allianz (€180
€1,400, Residential
2017 26% million).
2016 Hospitality
2015 ▪ The Logistic sector leads the industry by investment volume, achieving c.€1,400
2014 €847, €5,489 Offices
2013 15% million in H1 2021 (26% of total), boosted by new social trends as e-commerce and last-
2012 Retail mile services.
2011
2010
€995,
€1,067, Senior Housing ▪ Residential has been one of the main sectors in H1 2021 with c.€1,067 million (19% of
19%
2009 18% total), following the steady growth trend around BTR and PRS developments.
2008 Student Acc.
0 4,000 8,000 12,000 16,000 20,000 ▪ Hospitality sector has been specially active in H1 2021 reaching an investment volume
▪ H1 2021 Spanish RE investment totalled c.€5,489 million, boosted by an of c.€995 million (18% over total H1 2021) and it is expected a transactional rise for H2.
outstanding Q2 (€3,515 million – 2nd best Q2 in the last 10 years) which represents ▪ The investment interest in the Office sector fell by c.47% vs. H1 2020, with Prime Assets perceived
an increase of +6% vs H1 2020 (€5,160 million). The year started with a slow and as the most interesting for investors. H1 transactions volume reached €847 million (15% of total).
controlled increase in transactions with c.€1,974 million invested in Q1, still
behaving under the uncertainty created by Covid-19, but fuelled by the hope of high ▪ Retail investment volume in H1 2021 stood at c.€686 million (12% over total H1 2021
levels of vaccination rate by the end of H1. It is forecasted to reach between €10,000 investments), reducing sharply the investment appealing to investors vs. the past two years.
and €12,000 million by the end of the year, levels that look achievable based on the ▪ Alternative Assets, as Senior Housing or Student Accommodation, continue showing
current pipeline of ‘hot’ transaction across different asset classes. signs of high growth potential and resiliency, reaching c. €494 million (9% over total H1 2021).
▪ International investment funds continue playing a leading role in the investment Average Prime Yields – Uneven variation by sector depending on COVID-19 impact
activity with 60% of total in H1 2021 vs 74% FY 2020. Private equity leads with 26% 10%
of the volume, followed closely by property companies with 21%. Within this group, 8%
REITs contribution has been very limited, with 7% volume. 6% 5.3%
4.3%
4%
▪ The valuation gap in the most impacted assets (hospitality and retail) between 3.5%
2% 3.5%
opportunistic investors and sellers has cooled down a number of deals, but
0% 0.3%
transactions are expected to increase dramatically in H2 due to the amount of product 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 H1
coming to the market, high levels of liquidity, low interest rates and attractive investment 2021
Spanish Bond Offices High Street Logistics Shopping centres
returns.
Source: CG Capital Europe Research, selected brokers’ reports and Spanish Statistics Institute (INE). CG CAPITAL EUROPE | 3
Logistic Sector
Investment Overview Selected Transactions
▪ Logistics has remained as one of the most active RE sectors, showing record Logistic Portfolio (6 logistic assets)
figures. Covid-19 pandemic has truly boosted e-commerce as a consumer habit, Price: c.€1,200 million Buyer: Bankinter
which has been reflected in the highest new-leases figure of the past decade (c. GLA (sq.m.): 857,000 Seller: Montepino
1,120,000 sq.m.). €/sq.m.: 1,400 City: Madrid, Málaga,
▪ Total logistic investment volume in H1 2021 amounted c.€1,400 million (driven Quarter: Q2 Barcelona, Toledo…
by the sale of the Montepino Portfolio), representing a c.250% y-o-y increase. For
the FY 2021 it is forecasted a record figure of c.€2,300 million. Logistic Platform
Price: €58 million Buyer: n.a.
▪ Logistic park new leases accounted for 628,000 sq.m. (c. +145% y-o-y) in Madrid GLA (sq.m.): 72,000 Seller: Trajano Iberia
and 490,000 sq.m. (c. +180% y-o-y) in Barcelona. Forecasts stay at +1,000,000 sq.m. €/sq.m.: 806 City: Zaragoza
in Madrid, and +700,000 sq.m. in Barcelona for the entire 2021. Quarter: Q2
▪ Vacancy rates decreased in Madrid to 7.9% (-0.8% y-o-y) and in Barcelona to
2.3% (-0.9% y-o-y). At present, there are c.600,000 sq.m and c.100,000 sq.m in Logistic Warehouses (5 assets)
Madrid and Barcelona under construction to be delivered during 2021 in order to Price: €51 million Buyer: Montepino
face present lack of product. GLA (sq.m.): 47,000 Seller: n.a.
€/sq.m.: 1,085 City: Distributed within
▪ Rents for prime logistic assets have stabilized in Madrid (€5.5/sq.m./month), and Quarter: Q1 Catalonia
a bare increase showed in Barcelona (€7.0/sq.m./month). Prime net yields keep
following the decreasing trend of past years, reaching at H1 2021 c.4.25% in Logistic Warehouses (5 assets)
both markets, due to rising investor appetite.
Price: €50 million Buyer: Ares MC
Prime Net Yields 2012 – H1 2021 GLA (sq.m.): 800,000 Seller: n.a.
Investment (€ million) 2016 – H1 2021
€/sq.m.: 62.5 City: Madrid, Girona,
2,500 Quarter: Q1 Zaragoza & Valencia
8.0%
2,000
7.0%
1,500 Logistic Warehouses (2 assets)
6.0%
1,000 Price: €40.6 million Buyer: M&G
500 5.0% GLA (sq.m.): 49,000 Seller: Barings
4.25%
- 4.0% €/sq.m.: 828 City: Toledo
2016 2017 2018 2019 2020 2021 Quarter: Q2
H1 H2 Forecast
Madrid Barcelona
Source: CG Capital Europe Research, selected brokers’ reports. CG CAPITAL EUROPE | 4
Residential Sector
Investment Overview Selected Transactions
▪ During H1 2021, residential (excluding student accommodation) was the 2nd asset class Residential Development (BTR)
in terms of investment volume, with €1,067 million invested (19% of total). Those Price: €240 million Buyer: DWS & Gestilar
were concentrated in BTR (€651 million) and PRS (€416 million) assets, representing an Dwells: 1,000 Seller: Mapfre
important growth in this asset’s typology. €/dwell: 240,000 City: Vallecas & Getafe
▪ There are some facts that explain why BTR investment grew in recent years: (i) a Quarter: Q1
significant part of the population seeking to become independent is unable to afford
the purchase of a first house; (ii) the growth in the number of high quality
Residential Development (BTR)
households in the surroundings of large cities, where rents are lower than in the city
centers; (iii) there is a change in the mentality of the younger population, with a Price: €150 million Buyer: JV Nuveen &
preference for renting rather than owning. Dwells: 810 Kronos
€/dwell: 185,185 Seller: Undisclosed
▪ In terms of average rent, €/sq.m./month, the average in Spain has increased in Quarter: Q2 City: Madrid
€0.5/sq.m/month vs. 2020, when the average amounted €10.7/sq.m./month. Prime rents
remain at €23 and €24/sq.m./month in Madrid and Barcelona, respectively. Ellix Vintage Residential Socimi
▪ Regarding units sold, c.142,00 units were sold in Q1 2021 (+22% vs. Q1 2020). In this Price: €140 million Buyer: Allianz
context, the trend is expected to continue growing along 2021, with an increase of Dwells: 421 Seller: KKR & Altamar
+10% for the whole year (c.525,000 units expected to be sold vs. c.475,000 sold in 2020). €/dwell: 332,542 City: Madrid &
▪ Regarding supply, until March 2021, c.24,000 new residential projects were stamped Quarter: Q2 Barcelona
with specialised investment vehicles such as Q-Living, Boyome, Lar & Primonial and Stay
Residential Development (BTR)
(Kronos & Nuveen). 2021 is expected to be in line with recent years (c.80,000 units/year).
Price: €120 million Buyer: JV LAR Primonial
Total Investment (€) 2015 – H1 2021 European Prime Yields (%) in H1 2021 Dwells: 655 Seller: Aedas Homes
H1 2021 1,067 3.6%
€/dwell: 183,206 City: Madrid, Barcelona,
3.5% 3.4% 3.3%
2020 2,600
3.1% 3.0% Quarter: Q1 Valencia & Alicante
2019 2,000 2.2%
Luxury Apartment Sales
2018 4,270
2017 2,082 Price: €93.5 million Buyer: Undisclosed
2016 1,000 Dwells: 22 Seller: Centro Canalejas
2015 950 Dublin Barcelona SH London CPH Madrid Paris €/dwell: 4,250,000 City: Madrid
Quarter: Q1
Source: CG Capital Europe Research, selected brokers’ reports, Spanish Statistics Institute (INE) and Observatorio Vivienda Especial Alquiler Residencial. CG CAPITAL EUROPE | 5
Hospitality Sector
Investment Overview Selected Transactions
▪ Hospitality sector has been one of the most affected by the Covid-19 pandemic Edition Hotel Madrid
during the past year and a half, having suffered a huge hit into its liquidity. This situation,
Price: €205 million Buyer: Archer Hotel
together with new asset-light trends, has pushed hotel owners to consider selling some of
Rooms: 200 Capital (GIC & APG)
their assets in order to obtain liquidity and adapt their business model.
€/room: 1,025,000 Seller: KKH Capital
▪ Investment volume in H1 2021 reached c.€995 million, stepping over the entire Quarter: Q1 City: Madrid
FY 2020 volume and becoming one of the best half-year figures in the past 15 years.
However, important valuation divergences between sellers and buyers cooled-down some NH Collection Barcelona Gran Hotel Calderón
transactions, which currently are starting to unfreeze, boosting volume figures for H2. Price: €125 million Buyer: Lasalle IM
▪ Average industry metrics during H1 2021 are very low compared to pre-Covid Rooms: 255 Seller: NH Hotel Group
levels, due to the State of Alarm restrictions, which made impossible tourist visits: €/room: 490,000 City: Barcelona
o Average Occupancy Rate has decreased to 29.7% in H1 2021 (c.-34% y-o-y). Quarter: Q1
o Average Daily Rate (ADR) increased to c.€69.75 in H1-2021 (+16% y-o-y).
H10 Andalucía Plaza
o Average Revenue per Available Room (RevPar) has decreased by 23% in Price: €100 million Buyer: Bain Capital &
comparison with H1 2020, reaching c.€20.75. Rooms: 400 Stoneweg
▪ The hospitality market is experiencing a solid rebound along the summer peak €/room: 250,000 Seller: n.a.
thanks to higher vaccine distribution rates and restrictions lifting in most of the euro zone Quarter: Q2 City: Marbella
countries, allowing international visitor to travel. Both ADR and RevPar have increased to
c.€102.9 and c.€57.15, respectively in the last 2 months. Nobu Hotel
ADR & RevPar (€) 2016 – H1 2021 Investment (€ million) 2016 – H1 2021 Price: €80 million Buyer: ASG
89
Rooms: 259 Seller: Selenta Group
85 87 4,809
80 €/room: 308,880 City: Barcelona
70 3,907
56 57 59 63 60 Quarter: Q1
52 3,080 2,518
2,184 2,415
27 Vía Castellana Hotel
24 21 953 1,297 955 995
1,729
Price: €40 million Buyer: Ibervalles
1,231 1,492 1,221 612 395
343 600 Rooms: 228 Seller: Millenium Hotels
2016 2017 2018 2019 2020 H1-20 H1-21 2016 2017 2018 2019 2020 H1-21 €/room: 175,439 City: Madrid
ADR RevPar Vacational Urban Quarter: Q2
Source: CG Capital Europe Research, selected brokers’ reports and Spanish Statistics Institute (INE). CG CAPITAL EUROPE | 6
Office Sector
Investment Overview Selected Transactions
▪ During H1 2021, investment volume in the office sector totalled c.€847 million a -47% Project Sea in 22@
decrease vs. H1 2020 as a direct consequence of the sanitary crisis and temporary teleworking Price: €180 million Buyer: Allianz
dynamics. sq.m.: 27,000 Seller: Meridia
▪ Barcelona has taken 80% of the total volume (+40% increase vs. H1 2020). A change in this trend €/sq.m.: 6,667 City: Barcelona
is expected for H2, with Madrid as key location for major office transactions. Quarter: Q2
▪ Prime CBD rents remained stable in Madrid and in Barcelona with
c.€36/sq.m./month and c.€28/sq.m./month, respectively, remaining resilient to Covid- One Parc Central
19 impact. Landlords have become more flexible, negotiating rent conditions and grace Price: €128 million Buyer: DWS
periods in exchange of longer mandatory lease terms. sq.m.: 23,500 Seller: Värde Partners
▪ Prime yields in Madrid and Barcelona experienced a slight increase vs. H1 2020, €/sq.m.: 5,447 City: Barcelona
reaching 3.5% and 3.8%, respectively (c.+2% y-o-y in both cities). Prime offices have resisted Quarter: Q1
Covid-19 impact better, due to their core nature, location and shortage of available assets. Offices in Glòries shopping center
▪ In H1 2021, take-up in Madrid and Barcelona rose to c.323k sq.m. (200k sq.m. and 123k Price: €120 million Buyer: IBA Capital
sq.m., respectively). This represents a 21% and 53% increase vs. H1 2020. Availability sq.m.: 21,500 Seller: Blackstone
rate has slightly increased to 12% and 9.7% (vs. 10.8% and 9.3% in Q1 2021) for Madrid €/sq.m.: 5,581 City: Barcelona
and Barcelona respectively. Quarter: Q2
Investment Volume (€ million) Prime Yields (%) Torre Esteve
Price: €100 million Buyer: KGAL fund
693 154
H1 2021 7.0% Barcelona
sq.m.: 19,423 Seller: Iberdrola
2020 €/sq.m.: 5,149 City: Barcelona
6.0% Madrid Quarter: Q2
2019
2018 5.0% 3.8% Building in “Portal del Ángel 9-11”
2017
4.0% 3.5% Price: €80 million Buyer: BMO RE Partners
2016
2015 sq.m.: n.a. Seller: Undisclosed
3.0%
€/sq.m.: n.a. City: Barcelona
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
H1 2021
0 1,000 2,000 3,000 4,000 5,000
Quarter: Q1
Barcelona Madrid
Source: CG Capital Europe Research, selected brokers’ reports and Spanish Statistics Institute (INE). CG CAPITAL EUROPE | 7
Retail Sector
Investment Overview Selected Transactions
▪ The improvement of the sanitary situation thanks to advances in mass 27 Mercadona Supermarkets – Sale & Lease Back
vaccination, alongside with the eager to socialize and pent-up demand, made Price: €100 million
consumer sentiment and footfall to rise progressively. On the retailers side, prior Buyer: MDSR
GLA (sq.m.): n.a.
cautiousness due to the uncertain of Covid-19’s landscape has turned into higher Seller: Mercadona
€/sq.m.: n.a.
rental demand for strategic locations at more affordable rents. City: Several
Quarter: Q2
▪ During H1 2021, retail investment volume totalled c.€686 million, representing a 10 Carrefour Supermarkets
decrease of c.52.2% vs. H1 2020 (impacted by two large shopping centres, Intu Price: €100 million
Buyer: KGAL
Asturias and Puerto Venecia, for c.€800 million, that were carried out at the beginning GLA (sq.m.): 38,800
Seller: Barings
of 2020) but reaching very similar levels with H1 2019 (low decrease of c.6.7%). €/sq.m.: 2,577
City: Several
▪ Retail investors have mainly targeted prime core assets with long term contracts, being Quarter: Q1
supermarkets the highest demanded typology. Supermarkets accounted for Puerta del Sol, 11 – High Street
c.39.3% of total investment, closely followed by High Street premises (c. 38.7%), Price: €88 million
Buyer: Bankinter
Retail Parks (c.17.8%) and Shopping Centres (c.4.2%). GLA (sq.m.): 1,344
Seller: Thor Equities & Invesco
€/sq.m.: 65,476
▪ Shopping Centres’ retail indicators such as footfall (+22.3% vs. 2020(1)) and sales City: Madrid
Quarter: Q2
(+2.7% vs H1 2020(1)) have experienced an upward trend change, yet they are still
below pre-Covid levels. Portal del’ Ángel 9-11 – High Street
High Streets Retail Rents as of H1 2021 (€/sq.m./month) Price: €80 million
Buyer: BMO RE Partners
GLA (sq.m.): n.a.
Madrid Barcelona Seller: Catalan Family Office
€/sq.m.: n.a.
City: Barcelona
Quarter: Q1
Key Metrics H1 2021 - Spain
High Shopping Retail Supermarkets(2)
Street Centres Parks
Prime Rents (€/sq.m./month) 245.3 90.0 17.5 n.a.
Y-o-Y Variation -5.3% -2.2% -4.9% n.a.
Prime Yield (%) 3.45% 5.30% 5.50% 4.50%
Source: CG Capital Europe Research and selected brokers’ reports. Y-o-Y Variation +20 bps +30 bps +0 bps -75 bps
(1) Period January 2020- May 2020.
(2) As of Q1 2021. CG CAPITAL EUROPE | 8
Senior Housing & Healthcare
Investment Overview Selected Transactions
▪ Different factors have made Senior Housing a very resilient and high growth Portfolio of 19 Senior Housing Assets
potential sector in Spain: i) elderly population (trend expected to increase in the Price: Undisclosed Buyer: Confinimmo
medium/long term), ii) decreasing number in population’s growth, iii) an insufficient # beds: 2,775 Seller: Thor Spain PE
bed coverage (it is estimated that 200,000 beds are needed to satisfy future demand), €/bed: n.a. City: Several
iv) the user base, people with purchasing power and protected against economic cycles Quarter: Q2
(pre-retired or retired homeowners) and v) the high life-quality levels offered in Spain MAPFRE Portfolio (5 assets)
(warm coastal locations, highly populated cities with great public services), which
Price: €50 million Buyer: Healthcare
attracts worldwide clients, making it a market with very favourable conditions for
# beds: 800 Activos
new developments and investments.
€/bed: 62,500 Seller: MAPFRE
▪ There are +60 new developments currently under constructions (+7,800 beds). The Quarter: Q2 City: Several
investment volume in H1 2021 has amounted to c.€250 million and it is forecasted
to reach €600 million in FY 2021 vs. €280 million FY 2020 (representing a 114% Two key-in-hand Residences
growth). Price: €22 million Buyer: Icade Healthcare
▪ Prime Net Yields (under +15 yrs. long term contracts) are in the range of 4.75% # beds: 300 Seller: n.a.
in Q2 2021 (-0.25% vs FY 2020). This is a significant difference compared to prime €/bed: 73,333 City: Madrid and C. Real
yields offered by other RE Assets, proving that Senior Housing is still a maturing Quarter: Q2
sector. However, this is expected to change and yields will compress due to the
increase in demand and the appetite from specialised investors in this Asset Two Senior Housing Assets
class. Price: €16 million Buyer: Adriano Care
▪ Rents shows a substantial disparity from €700/month/bed up to €5,000/month/bed, # beds: 263 Seller: Albertia / Vostra
yet most of the supply is concentrated in the range of €1,600/month/bed to €/bed: 60,837 City: Lugo and Terrassa
€2,000/month/bed. Quarter: Q2
Population trend vs. elderly’s growth rate in Spain
Senior Housing for Grupo Orbea
Price: €9 million Buyer: Confinimmo
# beds: 104 Seller: n.a.
€/bed: 86,538 City: Bilbao
Quarter: Q2
Source: CG Capital Europe Research and selected brokers’ reports.
CG CAPITAL EUROPE | 9
Student Accommodation
Investment Overview Selected Transactions
▪ Southern Europe markets and Spain in particular, provides a limited offer in terms of Students Residence Estanislao
modern and high-quality accommodation. This lack of supply (currently c.100k beds in Price: Undisclosed Buyer: Stoneshield & Mi
Spain) is expected to change with a +20% increase in beds in the next two years thanks Beds: 437 Campus
to +77 new ongoing developments. Consequently, Student Accommodation as a RE €/bed: n.a. Seller: Promobys
investment is experiencing a sweet moment, heightened by the resiliency of these Quarter: Q1 City: Seville
Assets to the Covid-19 effects.
▪ Investment volume during H1 2021 reached c.€244 million, slightly lower than last
years growing trend (€904 million in FY 2020). The main transactions took place not Students Residence
only in Madrid and Barcelona, but also secondary locations as Pamplona, Seville, Price: €100 million Buyer: Commerz Real AG
Málaga and Salamanca are taking a big share of the volume invested. Beds: 743 Seller: Henderson Park &
€/bed: 134,590 Hines
▪ Heading into H2 2021, the tendency towards consolidation of players will
Quarter: Q1 City: Barcelona
continue as a consequence of the entry of institutional investors and specialised
players, intensifying yields compression (4.75% in Tier I cities and 5.25% in Tier
II cities). Students Residence
▪ This consolidation will be driven by operators, who will continue their expansion Price: Undisclosed Buyer: Greystar, AXA &
plans in Madrid, Barcelona and the so mentioned Tier II cities (Seville, Pamplona, Beds: 250 CBRE GI
Granada…), with great expectations for occupancy rates growth in the whole sector. €/bed: n.a. Seller: Urbania
Quarter: Q2 City: Madrid
Evolution of Student Accommodation beds in Spain (#) 2016 – 2022
120,000 116,000
115,000 Students Residence
110,000 107,000
Price: €23.3 million Buyer: Xior Student
105,000
100,000 97,000 Beds: 231 Housing
95,000 91,000
94,000 €/bed: 100,866 Seller: Amro RE
90,000
90,000 88,000 Quarter: Q1 City: Málaga
85,000
80,000
2016A 2017A 2018A 2019A 2020A 2021E 2022E
Source: CG Capital Europe Research, selected brokers’ reports and Spanish Statistics Institute (INE). CG CAPITAL EUROPE | 10CG Capital Europe: Samples of Transactions Completed
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CG CAPITAL EUROPE | 11If you request any further information, please
do not hesitate to contact
Javier Beltrán de Miguel
CEO
Tel: +34 919 991 730
Mob: + 34 696 993 041
jbeltran@cgcapitaleurope.com
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