This asset formed part of a portfolio of two other PBSA developments, which our client had previously marketed with another agent, attempting to raise JV financing for development.
When they were unable to secure a JV partner, they appointed Savills to sell their 354-bed Granada project via forward purchase. The challenge was completing the deal within the requested short timeframe and without going to the wider market.
Savills handpicked four potential investors who we believed would be able to work to tight deadlines, had already carried out sufficient DD for investing in Spanish PBSA and could meet the clients price expectations.
We received offers from three investors in a short timeframe, with the winning party, XIOR, offering a strong price for the Granada asset alone - more aggressive than the other bidders.