Brookfield Asset Management is offering its Spanish student housing business Livensa Living for sale, according to people with knowledge of the matter, Bloomberg is reporting Wednesday.

The firm has appointed Morgan Stanley and Eastdil Secured LLC to advise on the sale, the people said, asking not to be identified as the process is private. The portfolio is expected to attract bids in the region of 1.3 billion euros, the people said, asking not to be identified as the details are private. A spokesperson for Brookfield declined to comment.

Bloomberg noted student housing has proved a rare bright spot for commercial real estate investors following the correction unleashed by sharply rising interest rates from 2022. Strong demand from international students and limited supply has helped push up rents, offsetting the impact of higher borrowing costs.

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