EQT Exeter wraps up sale of Spanish student housing portfolio to Azora

EQT Exeter has finalized the sale of its Spanish student housing portfolio to Azora, a transaction that underscores the accelerating growth of the student accommodation market in Spain. The portfolio, which expanded from two assets to 12 since 2021, reflects the growing appeal of purpose-built student accommodation (PBSA) in Southern European markets. This deal is EQT Exeter’s first sale of living assets in Spain, as Azora leverages its acquisition to drive portfolio expansion in sustainable housing investments across the region.

Spanish student housing sees remarkable growth

In 2021, EQT Exeter partnered with Grupo Moraval to develop its Spanish student housing platform, targeting 1,500 beds initially and now offering 4,100 beds. This transformation highlights EQT Exeter’s strategy of combining investment and local expertise to meet growing student housing demand. The portfolio includes properties in key cities such as Madrid, Barcelona, and Málaga and features high-quality amenities tailored to a domestic student profile.

Several properties achieved LEED Platinum certification, marking a milestone for sustainable housing investments in the student accommodation market. EQT Exeter executives stated that the PBSA sector growth in Spain, driven by structural undersupply and strong demand, aligns with the company’s broader European strategy.

Azora portfolio expansion targets Southern European markets

Azora’s acquisition signifies its return to the PBSA sector, which it initially led over a decade ago. The firm plans to expand its presence in Southern European markets, aiming for a portfolio of 10,000 beds. A senior Azora executive explained that the current shortage of Spanish student housing and the structural appeal of sustainable housing investments make this the ideal time for portfolio expansion.

A focus on sustainability and scale

The partnership between EQT Exeter and Grupo Moraval has been instrumental in scaling Spanish student housing projects while prioritizing sustainability. Grupo Moraval’s focus on state-of-the-art construction and EQT Exeter’s strategy of commitment to sustainability have created a platform that meets both social and environmental needs.

This transaction highlights the resilience of the student accommodation market and underscores the value of PBSA sector growth as a stable asset class. With demand for Spanish student housing outpacing supply, Azora is well-positioned to drive future investments in sustainable housing across Southern Europe.

EQT Exeter’s sale of its Spanish student housing portfolio represents a major milestone in the student accommodation market. As Azora focuses on portfolio expansion in Southern European markets, this deal will likely influence PBSA sector growth for years to come. EQT Exeter, meanwhile, remains committed to its strategy of driving innovation and sustainability in living investments across Europe.