RESA is the main manager of student homes in Spain with more than 20 years of experience in the sector.
At the time of the divestment, RESA managed 32 student homes with more than 8,200 beds distributed in the main Spanish university cities and an important pipeline of new homes.
Azora acquired RESA in 2011 as part of its investment in the student housing segment, thus completing the value chain by controlling the management of the assets together with the real estate.
The homes were developed under agreements with public universities with the following investment model:
- Transfer of land under a concessional regime by the university.
- Construction and management of the residence by RESA.
- Regulation of maximum rental prices and establishment of quality levels.
- Obligation to allocate places to the university community. .
- Reversion of asset to the university after the concession period.
In November 2017, Azora executed the sale of its student housing segment, including ownership of the student homes within Siresa and EnCampus, as well as the asset management subsidiary, RESA, in a joint sale to various institutional investors.
In 2011, Lazora acquired the Siresa portfolio with a total of 25 student homes, distributed throughout the main provincial capitals of Spain.
The portfolio included a total of 6,700 operating beds, located within the university campus or in the city center, and managed directly by RESA.
The transaction involved the acquisition of 17 different companies with differing shareholder bases, which owned the 25 buildings. Azora completed the restructuring of the group after the acquisition, simplifying the structure, in order to optimize the investment.
Siresa is present in 8 Spanish autonomous communities:
- Andalusia
- Castile and Leon
- Catalonia
- Community of Madrid
- Navarre
- Valencian Community
- Galicia
- Basque Country
In November 2017, Azora executed the sale of its student residences segment, including ownership of the student homes held within Siresa and EnCampus; as well as the asset management subsidiary, RESA, in a joint sale to various institutional investors.
PORTFOLIO
In 2012, after completing Siresa's investment, Azora created EnCampus. The objective was to continue investing in student housing nationwide, with the help of Spanish institutional investors.
EnCampus had a total of almost 1,500 beds and was present in the main universities of Madrid and Catalonia. It also had an extensive pipeline of new opportunities in Spain.
EnCampus developed student housing through both surface rights and administrative concessions with universities.
EnCampus was present in:
- Madrid
- Barcelona
- Tarragona
In November 2017, Azora executed the sale of its student residences segment, including ownership of the student homes held within Siresa and EnCampus; as well as the asset management subsidiary, RESA, in a joint sale to various institutional investors.
PORTFOLIO
