RESA is the largest student housing manager in Spain with more than 20 years of experience in the industry. At the time of the divestment (November 2017), RESA managed 32 student halls with more than 8,200 beds distributed in the main Spanish universities and an important pipeline for new residences.

Azora acquired RESA in 2011 as part of its investment in the student housing segment. This transaction allowed Azora to complete the value chain by controlling the asset management along with the property.

The student halls were developed through agreements with public universities under the following investment model:

• Student halls with land concesional regime with the university.
• Construction and management of the student hall by RESA
• Maximum rental prices regulated and control of quality standards.
• Obligation to allocate rooms to the university community.
• Obligation to return to the university the student hall once the concession period concludes.

The investment vehicle Lazora acquired the Siresa portfolio in 2011 with a total of 25 student halls distributed throughout the main cities of Spain. The portfolio included a total of 6,700 beds located within the university campus or in the city centre and directly managed by RESA.

The transaction involved the acquistion of 17 companies (owning the student halls) with different shareholders. Azora completed the restructuring of the group after the acquisition, simplifying the structure to achieve an optimization of the investment.

Siresa is present in 8 Spanish autonomous communities:

• Andalusia
• Castilla y León
• Catalonia
• Madrid
• Navarra
• Valencia
• Galicia
• Basque Country