Hines, the global real estate investment, development and management firm, has acquired a new purpose-built student accommodation (PBSA) project in Móstoles, Madrid, currently under construction. The transaction, executed on behalf of the Hines European Real Estate Partners III (HEREP III) fund, marks the company’s entry into Madrid’s student accommodation segment and reinforces its commitment to the living sector in the Iberian Peninsula. This new asset joins Hines’ existing PBSA projects in Barcelona, Valencia and Porto.
The future student residence will comprise more than 300 beds across more than 300 rooms. The building, with a gross built area of c.12,000 sq m, will be located in a prime strategic area adjacent to Rey Juan Carlos University and directly opposite the university hospital of the same name, in Móstoles.
Designed to provide a comprehensive living experience, the project aims to offer a wide range of services and amenities that promote wellbeing, study and community life. Key communal areas planned for the development include a canteen, outdoor swimming pool, padel court, relaxation areas, study spaces, laundry facilities, multi-purpose rooms, coworking areas, gym and TV lounge.
The project has been conceived under sustainability and wellbeing criteria and aims to achieve BREEAM Excellent, WELL Gold and EU Taxonomy alignment.
Vanessa Gelado, Market Head for Spain, Portugal, Italy and Greece at Hines commented: “This acquisition represents a significant milestone for Hines, as it marks our entry into the Madrid PBSA market, where demand for high-quality solutions continues to grow. The transaction reinforces our commitment to the living sector in Spain and Portugal and enables us to add a differentiated asset to our portfolio distinguished by its focus on student experience, wellbeing and sustainability.”
Alfonso Munk, Global Co-Head of Investment Management at Hines added: “This investment through HEREP III reflects Hines’ strong conviction in the attractiveness of the PBSA sector in Europe and the robustness of its fundamentals. With this project in Madrid, we are expanding our portfolio with a high-quality asset aligned with the most demanding international standards, supported by a strategy that prioritises locations with strong potential and clear structural demand.”
The project is managed by Nero Quality Consulting, a local developer with experience in living sector projects, which will carry out the development through a special purpose vehicle jointly owned with partners introduced by Urbanitae. JLL is acting as sales adviser to Nero Quality Consulting, while Evergreen is advising on legal matters.
CBRE has advised Hines on the commercial and technical due diligence, Garrigues as legal and tax adviser, and Deloitte on the financial due diligence.
About Hines
Hines is a leading global real estate investment manager. We own and operate assets valued at USD 91.8 billion¹ across a wide range of property types on behalf of a diverse group of institutional and private clients. Every day, our 4,600 employees in 30 countries draw on our 68-year history to build a better world by investing, developing and operating some of the world’s best real estate.
¹Includes both the global Hines organization and RIA assets under management as of June 30, 2025.
For more information, visit www.hines.com
Hines European Real Estate Partners III (HEREP III)
HEREP III is a closed-end, euro-denominated investment fund domiciled in Luxembourg and managed by Hines. The fund held its final close in November 2023, raising more than €1.6 billion of capital, exceeding its target of €1.5 billion.
HEREP III aims to acquire a diversified portfolio of high-quality commercial and residential real estate investments in major European markets on behalf of institutional investors. The fund offers broad sector flexibility, with the portfolio primarily focused on deploying thematic investment strategies across the logistics, living, office and retail sectors, as well as creating value through active asset management, leveraging Hines’ deeply integrated platform and market-leading ESG credentials.
The fund was renamed from Hines European Value Fund (HEVF) to Hines European Real Estate Partners (HEREP). HEREP III follows its predecessors HEVF I (2018) and HEVF II (2021), continuing Hines’ flagship HEREP series in Europe
About Nero Quality Consulting
Nero is a company dedicated to the development of real estate projects and land of all types, with a particular focus on the living and residential sectors. The company also invests in completed or in-progress assets with the aim of adding value through refurbishment and strategic repositioning.
Nero’s team has an average of between 20 and 25 years of experience in real estate development and is made up of professionals across technical, commercial, financial and legal disciplines. This enables the company to successfully manage the entire execution process through to final delivery, maximizing project value and ensuring the satisfaction of clients and investors.
With the development of this student residence in Móstoles, Nero is consolidating its position as a leading national developer, with a strong presence in the Community of Madrid, completing its residential and living pipeline in the metropolitan area of the capital by offering accommodation solutions across different typologies
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