Harrison Street, who focus exclusively on alternative real estate, is to develop a new student residence in Oviedo, the capital of Spain’s region of Asturias. The developer will be Habescon Group who have experience in the segment through their subsidiary Alta Real Estate (Alta RE).
Located on Campus Cristo, the property, which will be called “Oviedo Aller Student Residence,” is located close to the economics, chemistry and medicine faculties at the University of Oviedo. It will include 317 modern units and top-tier amenities including shared spaces, study areas, private dining, stunning views and outdoor space. The residence is scheduled to open for the 2021-2022 academic year.
Paul Bashir, Chief Executive Officer of Harrison Street’s European business, says: “We are pleased to expand our presence in the attractive Spanish student housing market, and specifically in Oviedo, which has a growing student population and a leading institution in the University of Oviedo, not to mention the principal location to prepare for the MIR exam. We look forward to working closely with Habescon and GSA to bring much needed high-quality student accommodations in Spain and other top-tier university markets.”
Juan Francisco Díaz Bermejo, Managing Partner at Habescon and Alta RE, has stated that the project: “will be a milestone in the student residence sector due to its size and attractive design for the wonderful city of Oviedo.”
Global Student Accommodation Group (GSA), the specialists in university student living, will manage the student residence through its in-house local operator, Nexo Residencias.
Harrison Street has invested over €2.7 billion across 49 assets throughout Europe, including over 14,000 student accommodation beds, 2,000 residential units and 1.6 million square feet of life sciences space.
Habescon, through Alta RE, is currently developing eight projects for different specialized funds in the alternative real estate investment sector, including student residences, senior residences and co-living projects. These developments total more than 2,200 beds and represent a total investment of close to 200 million euros, making Alta RE a leading player as development manager of alternative investments.
GSA is well known for its commitment to making student living a unique and exciting experience and Oviedo Aller will be no exception as it includes top-tier facilities such as a gym, a TV/cinema room, and an onsite restaurant. In addition, there will be plenty of opportunities for students to grow and learn outside of their university studies by participating in cultural and sporting activities as well as social responsibility projects plus discovering new life skills. Students will be able to enjoy a vibrant nightlife and an extensive shopping experience in the capital of Asturias. The nearest beach is just a 40-minute drive and for those who prefer colder climate activities, the ski resort of Valgrande-Pajares Mountain is only a 45-minute drive away.
GSA and Harrison Street began their partnership in December 2015 and have since acquired 27 properties accounting for over 8,600 beds across the UK, Ireland and Spain. GSA manages in excess of 20,000 student beds in 36 cities across eight countries.