Student Properties Spain SOCIMI announces a takeover bid from Xior Student Housing
The transaction is expected to close during the month of July 2021
Madrid, 12 July 2021.- Student Properties Spain SOCIMI, S.A. (SPS), a SOCIMI specialised in student housing, announces it has received a takeover bid offer from Xior Student Housing NV, a Belgian public regulated real estate company (REIT) specialised in the student housing segment.
SPS was founded in 2016 with the aim of building a portfolio of quality student residences in Spain’s main university cities. The SOCIMI has been listed on BME Growth since 2017 and it was the first specialised student housing company to be listed in Spain.
SPS currently owns three assets. The first, in Madrid, is an extraordinary building located in the heart of the Salamanca district, inaugurated in 2018 with 146 rooms and attractive common areas (gym, co-working, restaurant, study rooms). The second, in Malaga, is a modern design building located in the Teatinos district, just opposite to the campus of the University of Malaga, with 221 rooms and equipped with all services. Its construction started in 2019 and it is already open to the public. Finally, SPS has a residence located on the emblematic Avenida de la Palmera in Seville, close to the Reina Mercedes campus of the University of Seville. It has 309 rooms with a design integrated with the environment and is in the final phase of construction with the intention of being operational for the 2021-2022 academic year.
The transaction is expected to close during the month of July 2021. Pinsent Masons has acted as legal advisors to the sellers.
Behind SPS are Altamar Capital Partners, a leading private markets specialist; Amira Real Estate, specialising in wealth management and real estate investments in Spain; and Orienta Capital, an independent wealth advisory firm specialising in asset management.
Enrique Sánchez-Rey, Managing Director and Partner at Altamar Capital Partners said: “We are very satisfied with the result of the project we started together with Amira and Orienta with a clear commitment to the development of quality student residences with a differentiated positioning. Together we have created an exceptional portfolio in terms of location and product with which we have contributed to improving the existing student housing offer. The acquisition by an international specialist group such as Xior proves the attractiveness of this sector in Spain as a resilient segment with high growth potential”.
Luis Miguel Corral Pozuelo, Partner and Special Operations Manager of Orienta Capital has highlighted his satisfaction with the collaboration with Altamar and Amira in this project: “their management and professionalism have been key to achieving this result. They have been very good travelling partners. Thanks to them we have achieved a better result than the one presented to the investors in less than half the estimated time. This is a project whose success reaffirms our strategy of proposing to our client-investors to join real economy projects in illiquid assets with great profitability opportunities in very interesting terms”. Orienta Capital has more than 11 years of experience in this type of deals and currently has 16 live projects.
Juan De la Peña, CEO of Amira Real Estate, wanted to “thank Orienta Capital and all SPS shareholders for their participation and confidence in this project. It has been a great satisfaction to exceed the investors’ expectations. I would also like to highlight and thank the great team formed by Altamar and Amira, who have been magnificent companions on this great untertaking, extending my thanks to all the collaborators who have also contributed to the success of this project. Finally I would like to congratulate Xior for the acquisition of this platform and wish them all the best for the future, I am sure that in a short time they will become leaders in the sector in the Iberian Peninsula”.
About ALTAMAR CAPITAL PARTNERS
Altamar Capital Partners is an independent financial services group focused on providing institutional investors – including insurance companies, pension funds and financial institutions – as well as private high net-worth clients, efficient access to private markets: private equity, venture capital, life sciences, real assets (real estate and infrastructures) and private debt/credit, through the best international managers and different strategies (primary, secondary and co-investments). Through its subsidiary Altamar Advisory Partners, it offers independent financial advice and merchant banking in M&A, IPOs, financing and debt restructuring. Altamar also provides direct and efficient access to funds managed by some of the best fund managers in areas such as Private Debt and Absolute Return, as well as high added value traditional managers in the equity and fixed income space, through its subsidiary Altamar Global Investments AV. With offices in Madrid, Barcelona, Santiago de Chile, New York and with presence in Taipei, Altamar currently has approximately €8.7 billion of historically committed capital and assets under distribution. In June 2021, Altamar and CAM Alternatives (Cologne, Germany) announced they had signed an agreement to unify their businesses. The combined entity, Altamar CAM Partners, will have €14 billion of AuM and the transaction is expected to close in July.
About AMIRA REAL ESTATE
Amira Real Estate is a company founded in 2006 by Juan de la Peña, current CEO of the company, to manage real estate investments in Spain. Its clients are Funds, Family Offices, Companies and individual investors with interests in Real Estate in Spain. Amira specialises in providing quality advice to national and international clients with an investment vocation in the Spanish real estate market who are looking for a management platform to channel and make their investments profitable.
About ORIENTA CAPITAL
Orienta Capital is an independent wealth advisory firm specialising in asset management. It has a team of 60 professionals and more than €2.05 bn of assets under management. It has offices in Bilbao, Madrid and San Sebastián, and branches in Murcia, Pamplona, Valencia and Vitoria. The firm is currently immersed in a process of growth through the incorporation of new professionals to its team of advisors. Orienta Capital’s Special Operations area, currently with 4 analysts, encompasses illiquid alternative investments, and is a strategic line of investment for client portfolios, as these assets have very interesting profitability ratios while contributing to economic development.