Aareal Bank AG / XS2971584813

Wiesbaden, 27 August 2025 – Aareal Bank is pleased to announce the successful closing of a €210 million club financing for Nido Living’s Iberia purpose-built student accommodation (PBSA) portfolio, which includes ten student housing assets in key university cities in Spain and Portugal. Aareal Bank acted as arranger, facility agent, and security agent, successfully structuring this substantial club deal. The financing supports Nido Living and its shareholder, the Canada Pension Plan Investment Board (CPP Investments), in the strategic strengthening of their existing platform in the fast-growing student housing markets of Spain and Portugal, where demand for high-quality accommodation remains significantly above supply. Nido Living is a leading European student accommodation platform, owned by CPP Investments, a Canadian Crown corporation, and one of the world’s largest institutional investors that manages funds for the Canada Pension Plan. Nido’s Iberian PBSA portfolio comprises circa 3,000 student rooms across ten assets in Madrid, Seville, Valencia, Lisbon, and Porto, all operated under the well-established, award winning, Nido brand. The assets boast strong ESG credentials, with many demonstrating excellent energy performance and the majority holding BREEAM “Very Good” certifications, which qualify most of the financing as “Green Loan” in accordance with Aareal Bank’s Green Finance Framework. Strong demand fuels growth in alternative living sector This deal marks another milestone for Aareal Bank in its expansion into the growing PBSA sector in Europe and showcases its expertise in structuring complex club deals and sustainable financing solutions. “The European PBSA sector is increasingly attractive for its stable occupancy rates, resilient demand, and long-term, inflation-protected income streams,” said Benjamin Walter, Head of Alternative Living Properties at Aareal Bank. “We are honored to support this new partnership with Nido Living and CPP Investments in delivering high-quality, sustainable student housing in some of Iberia‘s most attractive university markets across Spain and Portugal.” Ryan Lee, CFO at Nido Living, added: “We are delighted to have successfully closed this financing in partnership with Aareal Bank. Their deep understanding of the student accommodation sector and ability to navigate the complexities of a cross-border, multi-asset transaction were instrumental in achieving this outcome. The team’s strategic guidance and execution capabilities have proven invaluable throughout the process.” The legal advisory team included Slaughter & May, Cuatrecasas, Uria, and Elvinger Hoss Prussen on the lenders’ side. Nido was advised by Eastdil Secured L.L.C as sole financial advisor, Clifford Chance as legal advisor and PJLM. Knight Frank acted as valuer for the portfolio. Contact for the media:
Christian Feldbruegge
Phone: +49 (0)611 348 2280
Mobile: +49 (0) 171 866 7919
Email : christian.feldbruegge@aareal-bank.com
Web: www.aareal-bank.com About Aareal Bank
Aareal Bank AG, headquartered in Wiesbaden, is a leading international property specialist. The Bank uses its expertise to identify trends, challenges and opportunities at an early stage, and to exploit them for the benefit of its stakeholders. It provides financings, banking services and payments solutions for the property sector and related industries, and is present across three continents, Europe, North America and Asia. Aareal Bank’s business strategy focuses on sustainable business success, with environmental, social and governance (ESG) aspects as an integral part of this strategy. Aareal Bank comprises the business segments Structured Property Financing and Banking & Digital Solutions. The Structured Property Financing segment contains the property financing and refinancing activities. Here, the Bank supports its clients in making large-volume commercial property investments. The investment properties mostly comprise office buildings, hotels, shopping centres, logistics and residential property, as well as student apartments. In the Banking & Digital Solutions segment, Aareal Bank supports businesses from the housing, property management and energy industries as a digitalisation partner – combining extensive advisory services and product solutions with traditional corporate banking services and deposit-taking.