As investor appetite for student housing continues to surge, BESIX RED and Promiris have announced a strategic €250m joint venture to develop nearly 2,000 Purpose-Built Student Accommodation (PBSA) units across key university cities in Spain and Portugal.
Driven by a chronic undersupply and surging international student numbers, the Iberian PBSA market has reached a tipping point. In high-demand cities where occupancy rates exceed 95%, this ambitious partnership will help bridge the gap with a long-term, ESG-driven portfolio. The duo has already secured multiple sites near major campuses, public transport and essential services, with construction on the first 6,000 m² residence set to begin in time for the September 2026 academic intake.
“The continuous process of portfolio management, aimed at accelerating the development of our projects and limiting our exposure to risks through product and geographical diversification, has led us to take a close interest in the PBSA segment,” said Gabriel Uzgen, CEO of BESIX RED. “Beyond these market dynamics, these projects also serve a real social purpose: they help provide local and international students with a high-quality living experience that fosters good study conditions and personal development.”
Unlike traditional residential investments, PBSA offers resilience to economic cycles, long-term yield stability and increasing interest from public and institutional investors. Yet the full opportunity remains largely untapped in many Iberian cities, where less than 20% of students are housed in purpose-built accommodation. BESIX RED’s financial and technical expertise, paired with Promiris’ local track record, offers a unique formula to scale quickly and sustainably.
“Promiris entered the Portuguese market in 2018 and quickly realised the lack of student housing infrastructure in this otherwise highly rated and sought-after country in terms of the quality of its university education,” said Christian Terlinden, Managing Partner at Promiris. “The combination of our complementary expertise will undoubtedly be a guarantee of success for the future.”
The phased development will prioritise ESG benchmarks, with all sites targeting a minimum BREEAM “Very Good” certification. Designed with student wellbeing at the core, the projects will integrate modern communal areas, study lounges and wellness-focused architecture, tapping into rising demand for next-gen living spaces. Importantly for developers, local governments are increasingly offering zoning support and fast-tracking permits for PBSA projects tied to education infrastructure, an incentive few have capitalised on.
People mentioned:
Gabriel Uzgen, Chief Executive Officer, BESIX RED
Christian Terlinden, Managing Partner, Promiris
Companies mentioned:
BESIX RED – Pan-European real estate developer leading on ESG and large-scale urban projects
Promiris – Specialist developer with student housing expertise in Portugal, Belgium and Spain
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