As pioneers in the rented residential housing segment in Spain, Azora recognized an opportunity to address the significant shortage in the provision of purpose-built accommodation for students in the country. In 2011, Azora entered the market by establishing a dedicated investment platform and following this up with the acquisition of RESA, a student accommodation manager. At the time, the company, which was founded in 1992, had 26 residences under management across Spain’s largest university cities. To optimize our investment and simplify the structure of the business, we also acquired the portfolio of residences under management, to bring both management and ownership under one roof.

We increased the size of RESA’s portfolio of residences to a total of 36 open premises and a smart pipeline of more than 9,200 beds, while improving the quality of services offered to tenants. These high-quality living spaces were developed and managed through agreements with the country’s leading public universities. By the time Azora exited its student housing platform with its sale to a group of institutional investors including Greystar, AXA IM and CBRE in 2017, RESA had the largest student housing portfolio in Continental Europe. Not only that but it was regarded as Spain’s premier student accommodation provider with over 9,200 beds in 19 cities including significant presences in the prime markets of Madrid and Barcelona.

The sale represented at the time the largest transaction to take place in student housing on the Iberian Peninsula.