– EQT Exeter, the global real estate solutions provider, and Group Moraval, a leading Spanish property developer, have formed a joint venture to create a portfolio of high quality, sustainable and affordable student accommodation in Spain
– The joint venture already has two initial locations in Seville and MÃ¡laga with around 1,500 beds and is actively working on a strong pipeline of future opportunities
– The joint venture marks EQT Exeter’s first investment in Spain and combines its “business-to-consumer” strategy, which is geared towards addressing demographic change across the board Europe, and its approach to social impact in value creation
STOCKHOLM, May 24, 2021 / PRNewswire / – EQT Exeter is pleased to announce that the EQT Real Estate II Fund (“EQT Exeter”) is having a joint venture (the “JV”) with Grupo Moraval (“Grupo Moraval”), a leading Spanish developer a market share of approx. 30 percent in the facilities for âpurpose-built student dormitoriesâ (âPBSAâ), which in. have been developed or are currently being developed Spain between 2020 and 2022. The JV is expected to have initial capacity to build an investment portfolio valued at over establish EUR 300 million and has ambitions to ultimately increase the portfolio to a value of over 500 million euros.
The student housing market in Spain has seen rapid growth due to favorable demographic trends such as a steadily growing population of 18-24 year olds and an increase in young people entering higher education. Even so, many university cities in the country suffer from a lack of quality student housing with large groups of young people in need of housing. The population of this age group has increased continuously since the 2015/2016 academic year with an average annual growth rate of 5.7 percent1.
The joint venture will focus on delivering a portfolio of PBSA facilities in Spanish cities with growing demand for student dormitories and a relatively small percentage of that city’s students that can be accommodated in currently available student dormitories, also known as the deployment rate. One example of this is MÃ¡laga, where education is set to continue to grow as the municipality recently offered public land for the construction of two new universities. Through Grupo Moraval’s internal market intelligence platform, which analyzes the need for student dormitories in university cities across the board Spain Together with the EQT digitization team, the JV expects to be able to efficiently and concisely identify important market trends and future housing needs.
The first two locations of the JV in Seville and MÃ¡laga have around 1,150 and 350 beds respectively. Located next to two of the University of Seville largest campus, Pirotecnia and RamÃ³n y Cajal that Seville The location is also within walking distance of major faculties and the city center, as well as next to the San Bernardo public transport hub. The MÃ¡laga site will be on the MÃ¡laga Teatinos University campus and is within walking distance of the main faculties and the public transport hub, which offers easy access to the city center. Construction of Seville The website has already started and is expected to be ready at the beginning of the 2022/2023 academic year, while the MÃ¡laga website is currently expected to be ready at the beginning of the 2024/2025 academic year.
Under the newly created âNodisâ brand, the assets of the JV are rented at market rents. Nodis expects to embody strong values ââsuch as dynamism, vitality and security in its activities. As such, the residences will be equipped with state-of-the-art facilities, quality amenities and services including, but not limited to, gyms, private lounges, living and play areas, libraries, work and study rooms, cinemas, parking lots, free high-speed internet and rooftop terraces.
In line with other EQT Exeter transactions, the JV’s assets are developed with strong evidence of sustainability and seek green certifications such as LEED (Leadership in Energy and Environmental Design) and GRESB (Global ESG Benchmark for Real Assets). The buildings will promote sustainable living practices and use photovoltaic panels on the roof, provide charging stations for electric vehicles and parking spaces for carpooling, use native or adapted plants that do not require a permanent irrigation system, and highly efficient and low-consumption furnishings use employ.
Carlos Molero, Managing Director, Investment Advisor to EQT Exeter, said: “We are excited to enter the Spanish student residence market with market leader Grupo Moraval. This joint venture is a prime example of EQT Exeter’s ‘Local with Locals’ approach to finding attractive opportunities and investing in thematic trends We see a clear opportunity to offer a portfolio of dedicated student residences with high social impact in Spanish cities that have an imbalance between supply and demand Seville and MÃ¡laga, we are evaluating a growing pipeline of projects to build a large, resilient and backward-proof portfolio. “
Rob Rackind, partner and investment advisor at EQT Exeter, said: “This joint venture with Grupo Moraval marks a groundbreaking entry into the Spain for EQT-Exeter. This is an example of our business-to-consumer efforts focused on capitalizing on the demographic shift that is happening everywhere Europe. This strategy manifests itself in the delivery of over 8,000 beds throughout Europe in the next few years through a number of additional platforms that we have built. This includes the delivery of a private rental portfolio of GBP 1bn in Greater London District, a mobility-restricted rental apartment portfolio of over 400 million France and a EUR 300 million Senior care portfolio in North Italyall of which are expected to benefit from sustained favorable supply-demand dynamics, urbanization and population growth. “
Alvaro Soto, CEO of Grupo Moraval, said: “Grupo Moraval is excited to partner with EQT Exeter, known for its practical value creation strategies, on this ambitious project. Together we will develop the dedicated student dormitory offering in one.” the most dynamic and fastest growing university markets in Europe. Students at home and abroad are increasingly looking for bespoke, cost-effective housing options and EQT Exeter and Moraval share the same vision of how sustainable and digitally innovative accommodation can be built and managed for this segment. “
Berta GuillamÃ³n, Nodis Chief Marketing Officer, said, “Nodis dormitories are geared towards today’s youth: dynamic, vibrant and with a spirit of self-improvement. With a team experienced in dormitory management, Nodis creates spaces for living, learning and making new connections all in one enriching and creative environment with sustainability in focus. “
1Source: JLL, “Student Housing: From Consolidation to Institutionalization” (2020).
EQT Exeter Media Inquiries:
UK: Greenbrook, [email protected], +44 20 7952 2000
Spain: Grupo Albion, Maribel Alonso, [email protected], +34 91 531 23 88
EQT press office, [email protected], +46 8 506 55 334
Media inquiries from Grupo Moraval:
Christopher Bjork, [email protected], +34 60 639 60 93
EQT is a purpose-driven global investment organization with more than 67 billion euros in assets under management of 26 active funds. EQT funds have portfolio companies in Europe, Asia Pacific and America with total sales of approx. 29 billion euros and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
About EQT Exeter
EQT Exeter, part of EQT, is a global real estate solutions provider serving both consumers and tenants of scope and size. EQT Exeter is one of the largest real estate investment managers in the world and focuses on the acquisition, development and management of logistics / industrial, office, life science and residential properties in Europe, America and Asia. EQT Exeter was created through the merger of EQT Real Estate and Exeter Property Group.
The EQT Exeter team consists of approximately 260 seasoned professionals, including investment and leasing agents, asset managers and operational professionals, who work in nearly 40 regional offices around the world. Together they have made over 830 real estate investments. As part of EQT, the team has access to the entire EQT network of more than 500 industry consultants around the world, as well as EQT’s industry-leading sustainability references and frameworks and in-house digitization skills.
About Grupo Moraval
Grupo Moraval is the leading developer of student dormitories in Spain with a portfolio of around 6,600 beds with an investment volume of EUR 300 million and is located in Madrid, Barcelona, Malaga, Bilbao, San SebastiÃ¡n, Pamplona, ââSalamanca, Seville and Zaragoza. Over the past decade, it has pioneered new housing models for students and co-living spaces with leading institutional and private asset investors. With a track record of over 400,000 mÂ² developed in properties of various types, Grupo Moraval specializes in the design and execution of state-of-the-art accommodation with an emphasis on new technology and student welfare. Committed to continuous improvement, its developments introduce innovations in areas such as sustainability and digitization.
Nodis is a newly created brand that embodies the strong values ââof dynamism, vitality and sustainability, enables its residents to lead the lifestyle they are looking for and offers residences with state-of-the-art equipment in a completely safe environment: fully equipped studios, well-kept common rooms, fitness studio, private lounges, living areas, play areas, library, work and study rooms , Cinema, parking lots and more.
More info: www.nodis.es
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