Brookfield’s BSREP III fund has created a JV with Neil Jones and James Preston, the founders of Temprano Capital Partners, to enter the Iberian student residence market.
Brookfield is one of the largest investors in the Living Sector in Europe with 60,000 units in operation or under development across the region. Brad Hyler, Managing Director at Brookfield has stated “we are thrilled to expand into the Iberian market, which we believe will continue to benefit from growing demand, alongside a strong local partner with proven capabilities.”
The agreement will enable Brookfield to enter into 25-year net leases for 19 purpose-built student housing assets across Spain and Portugal with non-traded REIT Corporate Property Associates 18 – Global Inc, affiliate of W.P Carey Inc. Brookfield has thus taken control of Temprano and secured a purchase option to acquire the portfolio of 8,000 beds across Iberia at a later date.
As part of the transaction, the JV affiliates have taken operational control, through the triple-net leases, of 3 properties in Madrid, Valencia and Barcelona. These are Collegiate Madrid Aravaca, Collegiate Marina Real, Valencia and Livensa Living Barcelona Diagonal Alto. Collectively, the three assets comprise almost 1,000 operational beds in Spain and Portugal and will continue to be managed by Collegiate and CRM.