BCOME, the joint venture between TPG Real Estate Partners and Urbania, has announced the planned development of a new student residence in the Cantoblanco area of Madrid. This asset is part of the initial portfolio acquired by TREP and Urbania as part of the launch of their joint venture.
The new residence will have 423 rooms arranged in the 11,000m² maximum constructible area available on the site. Construction is scheduled to begin in 2023, and completion is expected for the start of the 2024-2025 school year. The new project will be located near several educational institutions, including the prestigious Escuela Ideo, the Autonomous University of Madrid, and Comillas Pontifical University’s Cantoblanco Campus.
Among other features, the residence will stand out due to its organic design that integrates itself with its surroundings and features spacious indoor and outdoor common areas, individual study rooms, coworking spaces, a gymnasium, audiovisual entertainment rooms, shared kitchens, a cafeteria, and a swimming pool.
Michael Abel, Partner at TREP, commented: “We launched the BCOME platform to meet the growing demand for purpose-built student accommodation in Spain, which remains one of the most undersupplied markets in Europe. This initial project fits perfectly with the platform’s strategy, providing best-in-class accommodation in attractive Spanish urban localities close to educational institutions. We are excited to be working alongside Urbania as we start developing BCOME’s portfolio of student housing in Spain.”
Jeffrey Sujar, Managing Partner of Alternative Assets at Urbania, commented: "We are excited to bring the BCOME concept to Madrid. Thanks to the joint work with TREP, and after the good reception of the Pamplona residence, we embarked on this new project with Escuela Ideo, which will undoubtedly become a benchmark in terms of quality, commodities, and sustainability in the Cantoblanco area.”