Greystar acquires three student residences from Merkel Capital

Uría Menéndez, EY and Mace advised Greystar Equity Partners Europe Fund II in the transaction; Garrigues, Eastdil Secured and Andersen advised Merkel Capital. Catella acted as intermediary. Greystar, through its Greystar Equity Partners Europe Fund II, has completed the acquisition of three student residences in Pamplona, Sabadell (Barcelona) and Seville from Merkel Capital, a developer, operator and manager specialising in the student housing and accommodation sector. The portfolio comprises more than 1,200 beds across the three assets. The transaction was financed by Deutsche Pfandbriefbank (PBB). All residences will operate under Canvas, Greystar’s pan‑European brand for students and young professionals launched in 2021. Canvas currently comprises 26 assets across seven countries, with in excess of 11,700 beds including projects under development. Greystar resumed activity in the Spanish student housing sector in 2023 following the sale of the Resa platform. The acquisition aligns with Merkel Capital’s strategy. Merkel Capital has extensive experience in residential and hotel development, a portfolio of more than 4,000 beds and eight projects underway in Spain, and plans further projects in the Iberian Peninsula and Italy. This year the company will exceed by £200 million the £400 million PBSA investment envisaged in its 2025 Business Plan. Uría Menéndez represented Greystar Equity Partners Europe Fund II with a team composed by: Diego Armero Montes (partner, Mergers & Acquisitions / Real Estate, Madrid); Iván Abad Lloria (partner, Mergers & Acquisitions / Real Estate, Madrid); Rosa Cuesta Gómez (associate, Mergers & Acquisitions / Real Estate, Madrid); Guillermo Bermejo Pérez (associate, Mergers & Acquisitions / Real Estate, Madrid); Candela Medrano Marcos (trainee lawyer, Mergers & Acquisitions / Real Estate, Madrid); Alejandro Ballesteros González (associate, Mergers & Acquisitions / Real Estate, Madrid). From the Finance department, the team included Ignacio Álvarez Couso (partner, Finance, Madrid); Ignacio Zapata Benito (managing associate, Finance, Madrid); Álvaro Martín Sierra (senior associate, Finance, Madrid); José María Beneyto Brunet (senior associate, Finance, Madrid); Ana Vargas Parody (associate, Finance, Madrid); Aitor Nicuesa García (trainee solicitor, Finance, Madrid). The Urban Planning advice was provided by Miguel Herráiz Sanchís (associate director, Urban Planning, Madrid); Miguel Ángel Buitrago García (supervising associate, Urban Planning, Madrid); Álvaro Giménez Barrios (associate, Planning, Valencia). The Competition team was represented by Tomás Arranz (partner, Competition, Madrid). EY and Mace represented Greystar Equity Partners Europe Fund II. Garrigues, Eastdil Secured and Andersen represented Merkel Capital. Catella acted as intermediary in the transaction.

Greystar acquires three student residences from Merkel Capital

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