Commerz Real sells Barcelona PBSA asset to Ardian and Rockfield

Commerz Real has sold its Pallars student residential complex in Barcelona, previously part of its Commerz Real Institutional Smart Living Europe Fund.

Pallars, Barcelona

The buyer is a fund managed by international real estate investors Ardian and Rockfield. 
The purchase price remains confidential, although Commerz Real on its website mentions a market value of €97.1 mln for the asset.
The Pallars complex, acquired via forward funding and completed in November 2022, offers 673 single and double rooms across 26,086 m2. It includes a four-story block and four eight-story apartment towers, along with parking for cars, motorcycles, and bicycles. 
Located in the "22@" innovation and technology district of Barcelona's Sant Martí, the complex is situated in a revitalised former industrial area.
The Commerz Real Institutional Smart Living Europe Fund invests in student and micro-apartment complexes across European metropolitan and university cities. Commerz Real recently acquired another student residential complex in Dublin for this fund.
Kerstin Struckmann, global head of Product Management Institutional Clients at Commerz Real, said: “Demand remains extremely high, particularly in the micro-living segment. We have utilised this opportunity firstly to ensure a very good result for our investors, and secondly to gain leeway for further investments as part of our active portfolio management.”
Commerz Real was advised on the transaction by Savills.