Greystar acquires a student housing portfolio in Spain from Merkel Capital
Press Release
November 24, 2025
Madrid, 24 November 2025 - Greystar, a global leader in the investment, development and management of high-quality rental housing, has completed the acquisition of a portfolio comprising three purpose-built student accommodation("PBSA") residences in Spain from Merkel Capital, a developer, operator, and manager specialized in the living and student housing sector.
The portfolio totals over 1,200 beds across three assets located in Pamplona, Sabadell (Barcelona), and Seville. All properties are situated near major university campuses and are designed to meet the needs of today’s students, offering high-quality services and sustainability certifications, including the BREEAM “Very Good” rating.
The transaction, financed by Deutsche Pfandbriefbank (PBB), strengthens Greystar’s position in one of its most promising European markets. Spain continues to attract strong institutional investment due to favorable fundamentals, a mismatch between supply and demand for PBSA and growing national and international demand. Greystar resumed its student housing activity in Spain in 2023, following the successful sale of the RESA platform, which it had developed into one of the country’s leading student accommodation providers. This latest acquisition supports the continued expansion of its residential platform across Europe.
All residences will operate under the Canvas brand, Greystar’s pan-European brand for students and young professionals, launched in 2021. Leveraging Greystar’s reputation for operational excellence and high-quality resident experiences, Canvas is rapidly expanding across Europe and currently includes 26 assets in seven countries, totalling over 11,700 beds (including pipeline).
The transaction also aligns with the objectives of Merkel Capital, a leading developer in the student housing and flex-living sectors, with extensive experience in residential and hotel development, a portfolio of over 4,000 beds, and eight ongoing projects in Spain. Merkel Capital aims to continue growing steadily in the living sector, with new projects planned in the Iberian Peninsula and Italy. This year, the company will exceed by €200 million the €400 million investment in PBSA planned in its 2025 Business Plan.
Rafael Fernández-Villaverde, Managing Director of Greystar Spain, said: “Spain remains one of Greystar’s most resilient and attractive European markets, supported by solid demand from both domestic and international students and sustained institutional confidence in the sector. We believe this acquisition strengthens our position as we continue to scale our student housing platform across the country and reflects our conviction in the long-term fundamentals of the Spanish market. With capital to deploy and a proven track record of operational excellence through our Canvas brand, we believe we are well placed to capture future opportunities and deliver high-quality, sustainable accommodation that enhances the student experience.”
Jokin Andueza, CEO of Merkel Capital, said: "The sale of these three residences, fully developed by Merkel Capital, highlights the quality of our projects, always in prime locations. We are proud that a global company like Greystar recognizes the strength of our portfolio and our commitment to sustainable, high-quality developments."
Alicia Álvarez, Managing Director of Real Estate Finance at PBB Spain, commented: "We are delighted to have supported Greystar in financing these properties, which demonstrate the strong potential of the student accommodation sector in one of our key European markets. We look forward to continuing to finance such assets with long-term growth prospects."
Greystar was advised by Uría Menéndez, EY, and Mace. Merkel Capital was advised by Garrigues, Eastdil Secured, and Andersen. Catella acted as the intermediary in the transaction.
The portfolio totals over 1,200 beds across three assets located in Pamplona, Sabadell (Barcelona), and Seville. All properties are situated near major university campuses and are designed to meet the needs of today’s students, offering high-quality services and sustainability certifications, including the BREEAM “Very Good” rating.
The transaction, financed by Deutsche Pfandbriefbank (PBB), strengthens Greystar’s position in one of its most promising European markets. Spain continues to attract strong institutional investment due to favorable fundamentals, a mismatch between supply and demand for PBSA and growing national and international demand. Greystar resumed its student housing activity in Spain in 2023, following the successful sale of the RESA platform, which it had developed into one of the country’s leading student accommodation providers. This latest acquisition supports the continued expansion of its residential platform across Europe.
All residences will operate under the Canvas brand, Greystar’s pan-European brand for students and young professionals, launched in 2021. Leveraging Greystar’s reputation for operational excellence and high-quality resident experiences, Canvas is rapidly expanding across Europe and currently includes 26 assets in seven countries, totalling over 11,700 beds (including pipeline).
The transaction also aligns with the objectives of Merkel Capital, a leading developer in the student housing and flex-living sectors, with extensive experience in residential and hotel development, a portfolio of over 4,000 beds, and eight ongoing projects in Spain. Merkel Capital aims to continue growing steadily in the living sector, with new projects planned in the Iberian Peninsula and Italy. This year, the company will exceed by €200 million the €400 million investment in PBSA planned in its 2025 Business Plan.
Rafael Fernández-Villaverde, Managing Director of Greystar Spain, said: “Spain remains one of Greystar’s most resilient and attractive European markets, supported by solid demand from both domestic and international students and sustained institutional confidence in the sector. We believe this acquisition strengthens our position as we continue to scale our student housing platform across the country and reflects our conviction in the long-term fundamentals of the Spanish market. With capital to deploy and a proven track record of operational excellence through our Canvas brand, we believe we are well placed to capture future opportunities and deliver high-quality, sustainable accommodation that enhances the student experience.”
Jokin Andueza, CEO of Merkel Capital, said: "The sale of these three residences, fully developed by Merkel Capital, highlights the quality of our projects, always in prime locations. We are proud that a global company like Greystar recognizes the strength of our portfolio and our commitment to sustainable, high-quality developments."
Alicia Álvarez, Managing Director of Real Estate Finance at PBB Spain, commented: "We are delighted to have supported Greystar in financing these properties, which demonstrate the strong potential of the student accommodation sector in one of our key European markets. We look forward to continuing to finance such assets with long-term growth prospects."
Greystar was advised by Uría Menéndez, EY, and Mace. Merkel Capital was advised by Garrigues, Eastdil Secured, and Andersen. Catella acted as the intermediary in the transaction.