We are pleased to announce further allocations to the Spanish and Japanese investment portfolios, progressing exposure to these attractive, undersupplied and developing markets.
We will provide greater detail in the annual review in Q1 2019, however, in summary, the Spanish portfolio has acquired a 205-bed development scheme in Valencia. Valencia is Spain’s third largest student market with six institutions and circa 100,000 students – 18% of which are in the target market for PBSA.
In Tokyo, a city with circa 1.1m students and a very limited supply of well-located, high specification PBSA, the investment portfolio has acquired a second asset, which is due for delivery in December 2019, ahead of the February start of the 2020 academic year. The 326-bed asset has a catchment area of more than 35,000 students within a 40-minute travel distance and is also close to Meiji University, which is one of the target universities receiving significant government grants to attract foreign students to help “internationalize” the overall Japanese student cohort.
These are both existing opportunities in great locations which continue the growth and diversification of GSA Coral’s global investment portfolio.