Greystar expands Spanish student housing platform

Greystar has bought three student housing properties in Spain from Merkel Capital, a specialist in student and living sector development.

Canvas Seville

The acquisition includes over 1,200 beds across locations in Pamplona, Sabadell (Barcelona), and Seville, all conveniently located near major universities. These properties are designed with student needs in mind, offering excellent services and "BREEAM Very Good" sustainability certifications.
Financed by Deutsche Pfandbriefbank (pbb), this deal enhances Greystar's presence in the growing Spanish market, which is attractive to investors due to high demand and limited supply in student housing. Greystar re-entered the Spanish student housing market in 2023, following the sale of its successful RESA platform, and this acquisition marks a key step in its European expansion.
All three residences will operate under Greystar's Canvas brand, which caters to students and young professionals across Europe. Canvas, launched in 2021, now boasts 26 properties and over 11,700 beds (including future projects) in seven countries.
Merkel Capital, which has over 4,000 beds in its portfolio, plans new projects in the Iberian Peninsula and Italy, expecting to exceed €200 mln beyond its €400 mln investment target for PBSA in its 2025 Business Plan this year.
Rafael Fernández-Villaverde, managing director of Greystar Spain, said: “Spain remains one of Greystar’s most resilient and attractive European markets, supported by solid demand from both domestic and international students and sustained institutional confidence in the sector. We believe this acquisition strengthens our position as we continue to scale our student housing platform across the country and reflects our conviction in the long-term fundamentals of the Spanish market.”
Jokin Andueza, CEO of Merkel Capital, commented: "The sale of these three residences, fully developed by Merkel Capital, highlights the quality of our projects, always in prime locations. We are proud that a global company like Greystar recognises the strength of our portfolio and our commitment to sustainable, high-quality developments."
Alicia Álvarez, managing director of Real Estate Finance at PBB Spain, added: "We are delighted to have supported Greystar in financing these properties, which demonstrate the strong potential of the student accommodation sector in one of our key European markets. We look forward to continuing to finance such assets with long-term growth prospects."
Uría Menéndez, EY, and Mace provided advice to Greystar, while Garrigues, Eastdil Secured, and Andersen advised Merkel Capital. Catella served as the intermediary for the transaction.