Banking Group Trades 2 Student Residences in Barcelona
- May 06, 2015
JLL advised BBVA in the process of selling two student housing properties in the Catalan capital. The Spanish banking group sold the two properties, Melon District Marina and Melon District Poble-sec, to The Student Hotel, an entity that also owns properties in Amsterdam, Rotterdam, Liège, and The Hague. This is the first sale of student housing residences as income-producing investment properties in the city of Barcelona.
According to Jordi Toboso, Managing Director of JLL in Catalonia, “The sale process generated a lot of interest both at a national and international level” signaling an increase in the Spanish real estate market.
Currently leased out to the operator of the same name, the two properties boast great location in the proximity of Barcelona’s major University campuses. Both buildings offer a combined total of 600 rooms and a built area of around 180,000 square feet. Of that area, nearly 34,000 square feet are retail units. The two student residence facilities also feature a joint total of 150 parking spaces.
Melon District Marina is located on Calle Sancho de Ávila in an area of the city that has recently established itself as a tech hotbed. Known as the 22@ (vint-i-dos arroba) district, the area is the current innovation district of Barcelona, developed in the formerly industrial area of Poblenou. The urban regeneration scheme has added a large amount of brand new real estate, effectively turning the area into a central business district for the Catalan capital. Subsidized housing is also planned in the area, in order to stimulate growth and create incentive for more people to live and work in the area. Over the past 15 years, roughly 4,500 new companies have moved to 22@, with almost half of them being start-ups.
Melon District Poble-sec is the smaller property and is located on Avinguda Paral-lel in the city Sants-Montjuïc district. The area is largely residential and offers great proximity to Barcelona’s Zona Universitaria, as well as a solid theatre scene and a number of dining locations.