Student accommodation provider GSA have announced their expansion into the Spanish market, after receiving funding from Oaktree Capital Management.
The transaction will boost GSA’s standing in the student accommodation sector internationally, adding a further 914 operational beds across three properties alongside another 1,320 beds in development.
Spain is one of the top destinations for students studying abroad, with Barcelona and Madrid two of the most popular options for those on the Erasmus programme. As a country Spain has a total of 1.5 million students in higher education – but less than 100,000 PBSA beds. GSA hopes that their entrance into the market will go some way to address this shortfall.
The operational portfolio is located in central Madrid and comprises of four student accommodation complexes, with a total of 914 beds. The group are set to open a further residence in September of this year, which will become home to 468 domestic and international students.
GSA plans to invest €500 million in Spanish student accommodation over the next five years, bringing high quality new accommodation choices for students living in the country. GSA will continue to strengthen its market-leading position in Europe with major projects underway in the UK, Ireland and Germany and continues to deliver against its long-term strategy for the region.
Nicholas Porter, founder and chairman of GSA said:
“We continue to deliver on our rapid European expansion plans, targeting Higher Education markets where there is a substantial supply-demand imbalance. Our brands are carefully targeted towards students, capturing the demand for good quality purpose built student accommodation combined with excellent customer services. We are delighted to welcome many new team members into the GSA family across our global operations.”
GSA currently operates in 18 cities in the UK, Ireland, Germany and now Spain. It operates under three brand names; Uninest Student Residences, The Student Housing Company and Nexo Residencias, and is headquartered in Dubai.