TPG Real Estate Partners and the developer and manager of student residences, Urbania, have formed a joint venture, Bcome.
Bcome has acquired three residences, with 1,000 beds, in Madrid, Salamanca and Pamplona. The last one opened its doors in September, but the other two are still under development. All have single en-suite rooms, communal areas, leisure rooms, gyms and swimming pools.
The joint venture is looking to acquire existing operations or develop them from scratch in response to the demand for this type of asset. EY and JLL advised TPG on the transaction. The company is present in Germany and Portugal, with its Campus Living and Lumino platforms, respectively.