PGGM Infrastructure fund has entered into a definitive agreement to acquire a 100% stake in Residencias de Estudiantes en España (RESA) from Greystar, AXA IM and investors represented by CBRE Investment Management.
PGGM Infrastructure fund is an open-ended core infrastructure fund managed by PGGM. Once the acquisition is complete, it will strengthen the funds' positioning within the social infrastructure. RESA is a fully vertically integrated student accommodation platform in Spain. The platform manages circa 11,200 beds in 43 projects located in more than 20 cities across Spain including Madrid, Barcelona and Valencia.
The following companies advised PGGM on the transaction: BBVA (M&A and Debt Advisory); Freshfields Bruckhaus Deringer (Legal); KPMG (Financial and Tax DD); Savills (Technical). Advisors to AXA IM Alts, CBRE IM and Greystar were Eastdil Secured (M&A); CBRE (Commercial); Garrigues (Legal and Tax); Deloitte (Financial); Arcadis (Technical); Longevity.