Spain’s Student Accommodation Market: Major Operators and Projects
In Spain, the student housing sector is largely dominated by charitable foundations, with significant footprints from major investment and property management firms. The current landscape shows a mix of ownership, development, and management strategies that shape access to affordable housing for students across the country. Market observers estimate that between 60,000 and 70,000 beds are held by large foundations and institutional operators, forming a substantial portion of the national supply. This central piece of information comes from industry analyses and reflects the ongoing consolidation seen in recent years.
Among the leading platforms, one stands out as the largest operator in Spain, boasting more than 10,320 beds across 41 residences concentrated in Madrid and extended to other major cities. The portfolio includes a mix of facilities that are fully operational as well as one under construction, signaling continued expansion. The geographic spread includes Alboraya, A Coruña, Alcalá de Henares, Barcelona, Bilbao, Castelldefels, Girona, Granada, Madrid, Malaga, Ourense, Pamplona, Salamanca, San Cugat del Vallès, San Sebastián, Seville, Tarragona, Terrassa, Valencia, Vigo, and others. In early August, a notable deal occurred when a Dutch pension fund and insurer partnership acquired a sizable stake via an investment vehicle associated with CBRE Investment Management and a fund managed by Gresytar, underscoring cross-border investor interest in Spain’s student housing sector.
Another key player operates a portfolio of 43 dormitories, with 28 fully open and 15 currently under construction. In total, these facilities provide roughly 8,300 beds, with a heavy concentration of demand in Madrid, Barcelona, and Valencia, regions home to large student populations. Cities with more than 100,000 students account for a substantial share, while Seville and Bilbao contribute meaningful portfolios as well. The ownership is linked to the Stoneshield fund, guided by experienced executives who previously held leadership positions at Lone Star, reflecting a strategy that blends regional focus with experienced fund management.
Temprano Capital oversees a 6,896-bed portfolio spanning the Iberian Peninsula. This mix includes campuses in Barcelona, Bilbao, San Sebastian, Pamplona, Salamanca, Valencia, Madrid, Malaga, Seville, Granada, Lisbon, Porto, and Coimbra. An additional 1,043 beds are under construction and scheduled to begin operating before November of the current year, signaling a continuing push to expand capacity across key urban hubs and university towns.
Xior, a listed company originally from Belgium, has a footprint of nine residences in Spain, with three located in Barcelona, two in Madrid, two in Malaga, one in Granada, and one in Seville. There are also development projects to build a 400-bed residence in Zaragoza and a 310-bed residence in Granada. Across Spain and Portugal, Xior has invested more than 600 million euros in roughly 6,000 beds, representing a meaningful portion of its global portfolio and highlighting the international nature of Europe’s student housing market.
A joint venture has built a portfolio of 4,460 beds in operation and under construction, with an estimated investment around 500 million euros. About 1,100 beds are already at full capacity, including Spain’s largest student residence in Seville. Additional beds will be added in Madrid, Malaga, Barcelona, Seville, Granada, Pamplona, and Valencia, with openings anticipated before 2026. The fund backing this venture employs its own asset manager, Nodis, indicating a structured approach to asset management across multiple markets.
Another model mirrors the scale of major American campuses. A Dutch-origin company created by the investment arm of the TomTom founders chose Spain for its international expansion. It currently operates five assets totaling 5,000 beds, beginning in Pozuelo de Alarcón and extending to Granada and Malaga, with potential interest in Valencia, Valladolid, or Bilbao as future growth paths. This demonstrates how European players adapt to Spain’s vibrant student demand by leveraging established development playbooks from other regions.
A joint venture in Madrid, Salamanca, and Pamplona is advancing a portfolio that adds around 1,500 beds, with the Basque City residence currently the only operational asset. Both partners pursue a disciplined strategy, acquiring only properties that are in working order or built anew, ensuring quality and reliability for residents while maintaining a streamlined development pipeline.