Strategic View: Aareal Bank led a €210m club deal financing for Nido Living and CPP Investments across Iberian student housing, signaling strong lender appetite for resilient living assets in structurally undersupplied education hubs.
Full story: Aareal Bank structured a €210 million club deal financing for Nido Living’s Spanish and Portuguese student-housing portfolio, supporting the operator and shareholder CPP Investments as they scale in supply-constrained academic cities. It acted as arranger, facility agent, and security agent, aligning multiple lenders behind one platform strategy.
The club deal format concentrates underwriting expertise while distributing risk, which suits income-focused living assets underpinned by durable student demand and limited new stock. This mirrors a broader European tilt toward defensive real assets such as logistics, data centers, and living strategies.
For Nido and CPP Investments, syndicated* debt expands capacity for phased capex and selective acquisitions while reducing reliance on any single lender. It also formalizes a framework that can be upsized as the platform grows. Syndicated*: financed collectively by several lenders under a common documentation package.
Summary: The €210m Aareal-led club financing underpins Nido’s Iberian student housing growth, illustrating how lender syndicates are funding scalable, demand-rich living platforms despite cautious broader credit markets.
Source: Aareal Bank arranger announcement. Real Estate Capital Europe
