Elix VRS signs an agreement with Urban Campus
Eje Prime has written about ELIX VRS’s acquisition of 2 coliving residences managed by Urban Campus.
This acquisition demonstrates the attractiveness of Urban Campus to institutional investors, which is a pillar of our development in Spain and elsewhere in Europe.
You can read the whole article in Spanish here or keep reading in English.
Elix VRS joins forces with Urban Campus to enter the ‘coliving’ market.
The latest acquisitions made by the SIIC in Madrid, who is managed by the investment funds KKR and Altamar, will be operated by Urban Campus, a company specialising in the management of shared residential spaces.
Both companies will collaborate on the management of two properties purchased by the SIIC. The first, announced on January 9, includes two buildings located around Plaza de España in the capital, which Elix VRS acquired for 5.6 million euros and 5.2 million euros respectively. Both properties have undergone an extensive refurbishment, and have a common area of 3,184 square meters, in addition to commercial and parking spaces. The operation was financed with the company’s own resources, according to a statement sent to the Alternative Stock Market (MAB).
“Urban Campus was already operating the properties purchased by the SIIC.”
On January 16, the SIIC announced the purchase of another property for 12.4 million euros. The asset is located on Mellado Street, and was the first coliving residential center opened and operated by Urban Campus, in Spain. The building has a built area of 3,360 square meters and its acquisition was financed through the company’s own funds and a loan, with a real estate guarantee of 7.4 million euros. It also has four commercial premises. So far Urban Campus has 110 beds available in two coliving spaces which in total comprehend more than 5,000 square meters. In addition, it also operates two coworking spaces and a foodlab in the Spanish capital.
“Urban Campus expects to invest up to 200 million euros in the Spanish market by 2025.”
As previously shared by Eje Prime, the French company plans to operate investments between 150 million and 200 million euros in the next five years. The company plans to open ten new centers in the main cities of Spain that would add some 2,000 beds.