RoundShield Partners announced it has extended a new senior secured cross-collateralized facility to Merkel Capital, an existing borrower, to continue funding the acquisition and development of purpose-built student accommodation (PBSA) assets in Spain.
With RoundShield´s funding and support, which now totals €120m, and also entitles the Fund to significant equity participation, Merkel Capital intends to continue assembling a portfolio of more than 3,000 beds in prime locations across Spain, all within walking distance of local universities and excellent access to city centres.
To date, vehicles managed by Merkel Capital and funded by RoundShield already own six assets (c. 2,400 beds) in different stages of development in Madrid, Sevilla, Pamplona, Granada and Sabadell. These assets will be managed by a leading international student housing operator with several thousand beds under management and with presence across nine countries. Opening of the first batch of residences is scheduled for September 2024’s academic intake. Additional pipeline opportunities have been identified and secured in core locations across Spain including Valencia, Malaga and other Spanish cities.
Image provided by Hanbury Strategy.
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