Reported Earnings • Apr 16
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €1.48. Revenue: €223.5m (up 8.6% from FY 2024). Net income: €68.7m (up 3.3% from FY 2024). Profit margin: 31% (down from 32% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 54%. Revenue is forecast to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to remain flat. Reported Earnings • Feb 05
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €1.48. Revenue: €223.5m (up 8.6% from FY 2024). Net income: €68.7m (up 3.3% from FY 2024). Profit margin: 31% (down from 32% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 54%. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to grow by 1.3%. Buy Or Sell Opportunity • Jan 08
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €29.30. The fair value is estimated to be €36.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 68%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Major Estimate Revision • Dec 21
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €3.67 to €3.20 per share. Revenue forecast steady at €180.0m. Net income forecast to grow 49% next year vs 9.2% growth forecast for Residential REITs industry in Belgium. Consensus price target of €37.29 unchanged from last update. Share price was steady at €28.00 over the past week. Buy Or Sell Opportunity • Oct 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.5% to €29.15. The fair value is estimated to be €36.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 88%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Major Estimate Revision • Sep 24
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from €2.54 to €2.80. Revenue forecast steady at €180.7m. Net income forecast to grow 125% next year vs 7.8% growth forecast for Residential REITs industry in Belgium. Consensus price target broadly unchanged at €36.63. Share price was steady at €28.60 over the past week. Buy Or Sell Opportunity • Sep 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to €28.80. The fair value is estimated to be €36.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 88%. For the next 3 years, revenue is forecast to grow by 0.7% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: €0.51 (vs €1.41 in 2Q 2024) Second quarter 2025 results: EPS: €0.51 (down from €1.41 in 2Q 2024). Revenue: €55.8m (up 17% from 2Q 2024). Net income: €23.7m (down 58% from 2Q 2024). Profit margin: 43% (down from 119% in 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Non-Executive Independent Director Conny Vandendriessche was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 17
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: €1.62 (up from €0.25 loss in FY 2023). Revenue: €205.8m (up 7.4% from FY 2023). Net income: €66.5m (up €75.9m from FY 2023). Profit margin: 32% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 37%. Revenue is forecast to stay flat during the next 3 years compared to a 3.9% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 07
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: €1.62 (up from €0.25 loss in FY 2023). Revenue: €205.8m (up 7.4% from FY 2023). Net income: €66.5m (up €75.9m from FY 2023). Profit margin: 32% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 37%. Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jan 28
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €2.16 to €2.56. Revenue forecast steady at €165.9m. Net income forecast to grow 2,994% next year vs 42% growth forecast for Residential REITs industry in Belgium. Consensus price target of €36.75 unchanged from last update. Share price rose 2.9% to €29.95 over the past week. Reported Earnings • Oct 27
Third quarter 2024 earnings released: €0.69 loss per share (vs €0.54 profit in 3Q 2023) Third quarter 2024 results: €0.69 loss per share (down from €0.54 profit in 3Q 2023). Revenue: €18.1m (down 22% from 3Q 2023). Net loss: €30.0m (down 254% from profit in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 6.4% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Sep 20
Now 20% undervalued Over the last 90 days, the stock has risen 17% to €33.80. The fair value is estimated to be €42.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.3% per annum. Earnings are forecast to grow by 18% per annum over the same time period. Major Estimate Revision • Sep 10
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €2.63 to €2.19. Revenue forecast unchanged from €167.7m at last update. Net income forecast to grow 92% next year vs 16% growth forecast for Residential REITs industry in Belgium. Consensus price target up from €34.89 to €35.78. Share price rose 6.3% to €34.65 over the past week. Buy Or Sell Opportunity • Aug 29
Now 20% undervalued Over the last 90 days, the stock has risen 14% to €32.45. The fair value is estimated to be €40.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.6% per annum. Earnings are forecast to grow by 17% per annum over the same time period. Reported Earnings • Aug 09
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €47.9m (up 13% from 2Q 2023). Net income: €57.0m (up 266% from 2Q 2023). Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to grow by 6.3%. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: €0.38 (vs €0.19 loss in 1Q 2023) First quarter 2024 results: EPS: €0.38 (up from €0.19 loss in 1Q 2023). Revenue: €43.8m (up 7.3% from 1Q 2023). Net income: €14.5m (up €21.1m from 1Q 2023). Profit margin: 33% (up from net loss in 1Q 2023). Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to grow by 1.2%. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 18
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: €0.25 loss per share (down from €6.22 profit in FY 2022). Revenue: €191.5m (up 43% from FY 2022). Net loss: €9.41m (down 105% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to grow by 1.2%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.7% to €26.50. The fair value is estimated to be €33.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 11
Full year 2023 earnings released: €0.26 loss per share (vs €6.22 profit in FY 2022) Full year 2023 results: €0.26 loss per share (down from €6.22 profit in FY 2022). Revenue: €145.6m (up 8.5% from FY 2022). Net loss: €9.41m (down 105% from profit in FY 2022). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: €0.55 (vs €0.26 loss in 3Q 2022) Third quarter 2023 results: EPS: €0.55 (up from €0.26 loss in 3Q 2022). Revenue: €23.2m (down 36% from 3Q 2022). Net income: €19.5m (up €27.8m from 3Q 2022). Profit margin: 84% (up from net loss in 3Q 2022). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 10
Price target decreased by 8.4% to €35.83 Down from €39.13, the current price target is an average from 6 analysts. New target price is 27% above last closing price of €28.30. Stock is down 36% over the past year. The company is forecast to post earnings per share of €2.22 for next year compared to €6.22 last year. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: €0.44 (vs €5.44 in 2Q 2022) Second quarter 2023 results: EPS: €0.44 (down from €5.44 in 2Q 2022). Revenue: €28.7m (down 21% from 2Q 2022). Net income: €15.6m (down 90% from 2Q 2022). Profit margin: 54% (down from 422% in 2Q 2022). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 26
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €153.5m to €134.6m. EPS estimate fell from €3.55 to €3.28 per share. Net income forecast to shrink 57% next year vs 39% decline forecast for Residential REITs industry in Belgium. Consensus price target down from €39.13 to €36.38. Share price fell 4.3% to €27.95 over the past week. Price Target Changed • Apr 24
Price target decreased by 8.2% to €36.38 Down from €39.63, the current price target is an average from 4 analysts. New target price is 28% above last closing price of €28.40. Stock is down 44% over the past year. The company is forecast to post earnings per share of €3.28 for next year compared to €6.22 last year. Reported Earnings • Apr 20
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: €6.22 (up from €3.34 in FY 2021). Net income: €186.5m (up 127% from FY 2021). Net asset value (NAV) per share: €42.77 (up 18% from FY 2021). The current share price is 31% lower than NAV per share. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • Jan 12
Price target decreased to €44.30 Down from €50.20, the current price target is an average from 5 analysts. New target price is 45% above last closing price of €30.65. Stock is down 38% over the past year. The company is forecast to post earnings per share of €8.47 for next year compared to €3.34 last year. Price Target Changed • Nov 29
Price target decreased to €47.70 Down from €52.40, the current price target is an average from 5 analysts. New target price is 67% above last closing price of €28.50. Stock is down 43% over the past year. The company is forecast to post earnings per share of €8.64 for next year compared to €3.34 last year. Reported Earnings • Nov 26
Third quarter 2022 earnings released: EPS: €0.55 (vs €0.32 in 3Q 2021) Third quarter 2022 results: EPS: €0.55 (up from €0.32 in 3Q 2021). Revenue: €14.4m (down 36% from 3Q 2021). Net income: €15.4m (up 94% from 3Q 2021). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the REITs industry in Belgium. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €7.62 to €8.64. Revenue forecast steady at €110.3m. Net income forecast to shrink 36% next year vs 41% decline forecast for REITs industry in Belgium. Consensus price target down from €52.40 to €50.20. Share price fell 2.6% to €30.30 over the past week. Price Target Changed • Nov 16
Price target decreased to €52.40 Down from €56.40, the current price target is an average from 5 analysts. New target price is 72% above last closing price of €30.45. Stock is down 40% over the past year. The company is forecast to post earnings per share of €7.62 for next year compared to €3.34 last year. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €30.45, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the REITs industry in Belgium. Total loss to shareholders of 29% over the past three years. Major Estimate Revision • Sep 06
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €108.6m to €111.0m. EPS estimate increased from €6.45 to €7.62 per share. Net income forecast to shrink 49% next year vs 33% decline forecast for REITs industry in Belgium. Consensus price target down from €58.40 to €56.40. Share price fell 6.4% to €38.50 over the past week. Reported Earnings • Aug 17
Second quarter 2022 earnings released Second quarter 2022 results: Net income: €153.7m (up €146.7m from 2Q 2021). Major Estimate Revision • Aug 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €4.46 to €6.45. Revenue forecast steady at €108.6m. Net income forecast to grow 27% next year vs 18% decline forecast for REITs industry in Belgium. Consensus price target of €58.40 unchanged from last update. Share price rose 3.0% to €44.90 over the past week. Announcement • Jun 01
Xior Student Housing NV (ENXTBR:XIOR) signed an agreement to acquire Basecamp Group Ltd. Xior Student Housing NV (ENXTBR:XIOR) signed an agreement to acquire Basecamp Group Ltd on May 30, 2022. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to Basecamp Group. Upcoming Dividend • May 16
Upcoming dividend of €0.069 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Trailing yield: 0.2%. Lower than top quartile of Belgian dividend payers (5.9%). Lower than average of industry peers (3.7%). Reported Earnings • Apr 28
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: €1.78 (up from €0.64 in 1Q 2021). Revenue: €24.8m (up 16% from 1Q 2021). Net income: €49.5m (up 250% from 1Q 2021). Revenue exceeded analyst estimates by 8.7%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Over the next year,revenue is forecast to stay flat, in line with the revenue forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non Executive Director Marieke Bax was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 22
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €3.34 (up from €2.14 loss in FY 2020). Net income: €82.3m (up €124.1m from FY 2020). Net asset value (NAV) per share: €36.13 (up 15% from FY 2020). The current share price is 43% higher than NAV per share. Revenue exceeded analyst estimates by 8.7%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Mar 03
Xior Student Housing NV to Report Fiscal Year 2021 Results on Apr 19, 2022 Xior Student Housing NV announced that they will report fiscal year 2021 results Pre-Market on Apr 19, 2022 Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS €0.32 (vs €0.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €22.2m (up 36% from 3Q 2020). Net income: €7.95m (up 239% from 3Q 2020). Profit margin: 36% (up from 14% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS €0.28 (vs €0.31 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: €13.9m (down 9.7% from 2Q 2020). Net income: €7.01m (up €13.1m from 2Q 2020). Profit margin: 51% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Announcement • Jul 07
Xior Student Housing in Negotiations Regarding Potential Acquisition in Spain Xior Student Housing NV (ENXTBR:XIOR) is in exclusive negotiations regarding a potential acquisition in Spain regarding SPS. Upcoming Dividend • May 17
Upcoming dividend of €0.22 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 2.8%. Lower than top quartile of Belgian dividend payers (4.4%). Lower than average of industry peers (4.0%). Reported Earnings • Mar 02
Full year 2020 earnings released: €2.14 loss per share (vs €0.51 profit in FY 2019) The company reported a mediocre full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €71.1m (up 34% from FY 2019). Net loss: €41.8m (down €49.4m from profit in FY 2019). Net asset value (NAV) per share: €31.34 (down 4.2% from FY 2019). The current share price is 42% higher than NAV per share. Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 02
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 127%. Over the next year, revenue is forecast to grow 7.7%, compared to a 5.2% growth forecast for the REITs industry in Belgium. Is New 90 Day High Low • Feb 25
New 90-day low: €45.50 The company is down 10.0% from its price of €50.50 on 27 November 2020. The Belgian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €45.79 per share. Announcement • Dec 18
Xior Student Housing NV (ENXTBR:XIOR) acquired Zernike Tower in Groningen from KKR & Co. Inc. (NYSE:KKR) for €91.5 million. Xior Student Housing NV (ENXTBR:XIOR) acquired Zernike Tower in Groningen from KKR & Co. Inc. (NYSE:KKR) for €91.5 million on December 16, 2020. Van Doorne acted as legal advisor and Sincerius acted as financial advisor to Xior Student Housing NV in completing the acquisition. JLL acted as real estate advisor, Loyens & Loeff (Usa) B.V. acted as financial advisor and Deloitte Touche Tohmatsu LLC acted as accountant to KKR & Co. Inc.
Xior Student Housing NV (ENXTBR:XIOR) completed the acquisition of Zernike Tower in Groningen from KKR & Co. Inc. (NYSE:KKR) on December 16, 2020. Reported Earnings • Oct 25
Third quarter earnings released Over the last 12 months the company has reported total losses of €2.26m, with earnings decreasing by €15.4m from the prior year. Total revenue was €64.9m over the last 12 months, up 32% from the prior year. Note: Net income excluding extraordinary items provided as the company does not report funds from operations. Is New 90 Day High Low • Oct 16
New 90-day low: €47.60 The company is down 5.0% from its price of €50.00 on 17 July 2020. The Belgian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €35.26 per share. Announcement • Oct 16
Xior Student Housing NV (ENXTBR:XIOR) acquired 365 Rooms student residence in Ixelles, Brussels for €34 million. Xior Student Housing NV (ENXTBR:XIOR) acquired 365 Rooms student residence in Ixelles, Brussels for €34 million on October 15, 2020. In addition to 323 student rooms, the residence also contains 5 studios, 9 flats and 1,000m² of multifunctional spaces.
Xior Student Housing NV (ENXTBR:XIOR) completed the acquisition of 365 Rooms student residence in Ixelles, Brussels on October 15, 2020. Announcement • Sep 12
Xior Student Housing NV (ENXTBR:XIOR) completed the acquisition of 80% stake in Leonardo Da Vinci Student Residence in Madrid from the current owner and manager of the university. Xior Student Housing NV (ENXTBR:XIOR) reached an agreement to acquire 80% stake in Leonardo Da Vinci Student Residence in Madrid from the current owner and manager of the university on September 11, 2019. Upon completion of the transaction, the seller will retain the remaining 20% in the residence. The transaction also includes the acquisition of a parcel of building land on which a student residence with approximately 200 beds will be developed. The transaction is subject to suspensive conditions and successful registration of this spin-out with the Spanish trade. The acquisition is expected to complete by the end of October 2019. CBRE acted as broker to the sellers in the transaction.
Xior Student Housing NV (ENXTBR:XIOR) completed the acquisition of 80% stake in Leonardo Da Vinci Student Residence in Madrid from the current owner and manager of the university on November 5, 2019. 
