(BARCELONA) - Henderson Park, the pan-European private equity real estate firm, and Hines, the international real estate firm, have secured €27.5 million of development financing from French corporate and investment bank Natixis, for two projects in Barcelona. Acquired by Henderson Park and Hines in 2019, the development comprises a purpose-built student accommodation (PBSA) asset and an office, both of which are located on Cristóbal de Moura street, in the 22@ Norte district.
Work on the 350-bed student complex and the 3,610 sq m office building began in May 2021, with both scheduled for completion in the summer of 2023. Once completed, the student residence will be managed by aparto, the dedicated student accommodation brand and platform at Hines.
The project has been designed to meet the highest standard of sustainability and technology, with both assets aiming to secure LEED Gold and WELL ratings. The Cristóbal de Moura office building is also in the process of obtaining WiredScore certification, a distinction that measures the quality and resilience of a building's digital infrastructure.
Christophe Kuhbier, Managing Director at Henderson Park, said: “This financing package from Natixis is another positive step forward for this project, allowing us to further progress the development alongside Hines and deliver a prime new office building and a first-class student residence. This latest milestone follows our recent successful realization, through a forward funding agreement, of another PBSA asset under construction in the 22@ area. These transactions demonstrate the demand for exposure to best-in-class, ESG-certified student accommodation assets.”
Vanessa Gelado, Senior Managing Director and Country Head of Spain, at Hines, said: “We are very pleased to have secured this financing agreement with Natixis, one of the world’s leading financial institutions. This partnership is the stimulus required to promote this project, which will further bolster the position of Henderson Park and Hines as key players in the development of student accommodation and offices in Barcelona.”
Juan Castaño, Head of Real Estate & Hospitality Iberia of Natixis Spain, said: “We are very pleased to support these key clients who have such experience in development projects in Barcelona. We look forward to continuing working with Henderson Park and Hines in Spain and beyond.”
The assets are located in the thriving 22@ district of Barcelona, which is in close proximity to the new university campuses of the Universitat Politècnica de Catalunya, and the Toulouse Business School. The latter was acquired by Henderson Park and Hines in 2018 as a separate development, and has now been forward sold. 22@ is one of the most important innovation hubs in Europe and is particularly known for its excellent connectivity with the rest of the city, as well as being home to a large number of successful regeneration projects that remain under development.
Barcelona is one of the top 10 European student cities and is home to approximately 30 universities. There is a constrained supply of student accommodation in Barcelona with an estimated 8,700 PBSA beds in operation and 165,000 students on average per year. The vacancy rate is 5%, equivalent to 19 students for every available PBSA bed, which reflects the need for a greater supply of PBSA in Barcelona.
Cristóbal de Moura is the second student residence project in Barcelona's 22@ district developed by Henderson Park and Hines, following the Pallars project, a 20,000 sq m building with 743 rooms adjacent to the new Toulouse Business School headquarters in Barcelona. The completion of these works is scheduled for the start of the 2022/23 academic year.
About Henderson Park
Henderson Park is a pan-European private equity property manager based in London. The firm has invested approximately $10 billion in building a portfolio of flagship real estate assets across Europe, with a presence in major cities and capitals in France, Germany, Greece, Ireland, Poland, Portugal, Spain and the UK. Henderson Park seeks high quality assets in prime locations where it can identify the potential for unlocking or creating value through asset management, or by taking on and working in complex situations. The company’s current portfolio is diversified across various sectors such as office, logistics, multifamily, student housing, hospitality and retail, including several real estate development projects. Henderson Park strives to work and build long-term strategic relationships with the best local partners. Henderson Park is spearheaded by Nick Weber, its CEO and founding partner.
Henderson Park is a member of the United Nations PRI.
Hines is a privately held global real estate investment firm founded in 1957, with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion in assets under management, including $75.5 billion for which Hines provides investment management services, including non-equity assets, and $68.6 billion for which Hines provides third-party property-level services. The company has 165 projects currently under development worldwide. Historically, Hines has built, renovated or acquired 1,426 properties, totaling more than 472 million square meters. The company’s current property and asset management portfolio includes 576 properties, representing more than 246 million square meters. With extensive investment experience across the risk spectrum and all property types, as well as a pioneering commitment to sustainability, Hines is one of the largest and most respected real estate companies in the world.
Since entering Europe in 1991, Hines has expanded its European platform to include offices in 16 cities, as well as a presence in 55 cities in 13 countries, with €22.7 billion of assets under management, including €19.8 billion for which Hines acts as investment manager and €2.9 billion for which Hines provides services at the third-party property level, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for further information.
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts over 16,000 employees across 36 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €12.3 billion, a Basel 3 CET1 Ratio(1) of 11.6% and quality long-term ratings (Standard & Poor’s: A / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in
Figures as at 31 March 2021. www.natixis.com