LaSalle and Urbania launch Spanish living joint venture delivering over 850 PBSA and flex-living beds in Barcelona

London (November 21, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, and Urbania, an investment and asset management company with a €1.1 billion portfolio under management, announce their joint venture partnership to develop a portfolio of living assets in Spain. The first two transactions are situated within the 408-hectare Parc de l’Alba masterplan in Cerdanyola del Vallés, adjacent to the Universitat Autònoma de Barcelona (UAB) Bellaterra campus, which hosts over 30,000 students. Delivery of the masterplan is underway, aiming to attract businesses within scientific, commerce, technology and consulting sectors, with the expectation to accommodate 30,000 workers.

The first asset, slated for opening in September 2025, is a purpose-built student accommodation (PBSA) project in Barcelona. With construction already underway, the project will feature 610 single en-suite rooms with state-of-the-art amenities including a rooftop swimming pool, gym, cinema room, study areas and auditorium, with a BREEAM “Very Good” rating. The project will be the only privately owned student accommodation scheme within walking distance to the UAB Bellaterra Campus, the third ranked university in Spain, offering degree specialisms including medicine, law, engineering and business. In addition, the project is in close proximity to other prestigious university campuses such as ESADE and Universitat Internacional de Catalunya, with excellent local transport networks into central Barcelona. Yugo, a leading student housing operator, has been appointed as manager.

The second development is a complementary flex-living scheme that will sit on an adjacent land plot and consist of 255 units, with completion projected for Q3 2027. The scheme is designed for academics, researchers, key workers and corporate occupiers from nearby commercial hubs within the Catalonia Innovation Triangle as well as the UAB Bellaterra Campus. The Parc de l’Alba masterplan is currently home to multiple companies including the ALBA Synchrotron, one of the largest science facilities in southwestern Europe, as well as the regional headquarters of leading companies like Inditex’s Stradivarius and engineering and technology group, Sener. The flex-living asset will offer flexible accommodation for short, medium, and long stays and target a BREEAM ‘Very Good’ accreditation and an EPC ‘A’ rating.

As LaSalle’s most recent ISA Briefing on the PBSA sector outlines, PBSA ranks as one of the firm’s top-conviction sectors in the coming years, with more students enrolled than at any point in history and a long-term supply shortage contributing to the attractiveness of the sector.

Blake Loveless, Head of Value-Add Investments, Europe, LaSalle, said: “This venture is an exceptional example of LaSalle’s deep value equity strategy, which continues to focus on student housing, urban accommodation, retail recovery, distribution, and special situations. Spain is a big market for us, and we are excited to expand our presence here alongside Urbania to provide affordable accommodation to students and young professionals.”

Amroy Lal, Vice President of Value-Add Investments, Europe, LaSalle, said: “Europe’s leading universities, like those close to this project, continue to attract a diversity of local and global students, adding to the growing strength of the region’s PBSA sector. Barcelona in particular represents a great opportunity for investors in the sector, given the resilient and varied sources of demand from multiple, highly ranked universities.”

Jeffrey Sújar, Managing Partner of Urbania Living, said: “Our mission is to create the next generation of student accommodation and flexible living facilities. This exciting project embodies our commitment to environmental sustainability and exceptional living standards. Every aspect has been meticulously planned to foster an enriching living experience that supports students, academics and other professionals in achieving their fullest potential. Collaborating with LaSalle on this landmark project is a source of immense pride for us.”

ENDS

About LaSalle Investment Management | Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.

For more information, please visit www.lasalle.com, and LinkedIn.

About Urbania

Urbania is a privately-owned real estate development, investment and asset management company with a €1.1 billion portfolio under management.

Created in 2010 as a real estate developer, Urbania has become a leading real estate company with +100 projects delivered since it’s inception, specializing in large land acquisition and master planning development, residential projects and the creation of innovative Living concepts, with a strong presence across the Iberian market and Brazil.