(Bloomberg) -- Brookfield Asset Management is offering its Spanish student housing business Livensa Living for sale, according to people with knowledge of the matter.
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 ($1.3 billion), the people said, asking not to be identified as the details are private. A spokesperson for Brookfield declined to comment.
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.
Brookfield has been a major investor in European student housing, backing UK business Student Roost in 2016 before entering the Iberian market in 2019 when it bought Livensa through its $15 billion Strategic Real Estate Partners III fund. The asset manager currently manages more than 30,000 student beds in continental Europe.
It has grown Livensa’s portfolio from five properties when it was acquired in 2019 to 22 today, including projects currently being developed. The existing and under construction assets have 9,000 beds and the firm has a further 10 projects in its immediate pipeline.
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