Nido Living has agreed a deal to acquire Brookfield Asset Management’s Iberian student housing portfolio Livensa Living for €1.2bn.
The portfolio was originally acquired by one of Brookfield Asset Management’s private real estate funds in 2019 and since then Livensa has rapidly expanded and now operates circa 9,000 beds across 20 operational properties with two under development. The properties are located in key university cities across Spain and Portugal.
The acquisition builds on Nido’s existing Iberian presence of 3,000 beds across 10 assets in Madrid, Seville, Valencia, Lisbon and Porto.
Carlo Matta, chief executive officer of Nido Living, said: “This acquisition marks a significant step forward for Nido, reflecting the scale of backing for us from our shareholder CPP Investments as well as debt finance provider, and the clarity of our ambition to become the largest and the preferred student accommodation provider in continental Europe.
“We look forward to taking ownership of the Livensa portfolio and welcoming their talented team into our organisation, as we continue to acquire, develop and operate in key European markets through our unique, vertically integrated platform.”
Ryan Lee, chief financial officer of Nido Living, added: “Securing €700m in debt financing to support this transaction reflects the strength of our vertically integrated platform and the depth of institutional confidence in our long-term strategy.”
Taco van Heusden, chief investment and development officer at Nido Living, said: “We hold a strong conviction in the fundamentals of the European PBSA market and have confidence in Nido’s fully integrated model. Livensa is a highly strategic fit offering immediate scale and access to dynamic university cities. We look forward to leveraging our unique platform to drive long-term value by delivering exceptional living experiences to our residents.”
Nido was advised by JP Morgan Securities, Clifford Chance, Savills, KPMG and Alix Partners.
