Global real estate manager Cain has entered the Italian market via a new partnership with Global Student Accommodation (GSA) to develop a 561-bed student residence in Rome.
Located in Rome’s Prenestino district, the new student residence will be operated by Yugo, GSA’s global operating partner.
Rob Waterhouse, transaction director at GSA, said the project in Prenestino aligns with GSA’s development-led growth strategy in Italy, “combining our international purpose-built student accommodation (PBSA) experience with local expertise to deliver purpose-built, accessible homes for students”.
“As part of a wider regeneration masterplan, the project reflects our commitment to developing institutional-grade assets that generate long-term social and economic value. In partnering with Cain, who share our belief in PBSA as a resilient, counter-cyclical asset class across Europe, we’re able to deliver a scheme that is both commercially compelling and thoughtfully designed to meet the needs of today’s students.”
Arvi Luoma, CIO at Cain, said: “The living sectors are among the defining themes of European real estate over the next decade, and one of Cain’s areas of greatest conviction. Across the continent’s leading university cities, demand for high-quality student accommodation continues to outstrip supply, while a new generation is placing greater expectations on how and where they live throughout their educational journey.
“Entering Italy with a partner of GSA’s calibre allows us to bring complementary expertise to one of Europe’s most attractive markets and to continue scaling a platform with a track record across the region.”
Oliver Cummings, head of PBSA, Europe at Cain, said: “Italy is one of the most undersupplied student housing markets in Europe, with around two million students nationally, but only approximately 85,000 PBSA beds. In Rome, PBSA penetration remains particularly low at around 4%, despite continued demand from both domestic and international students.
“Prenestino represents an opportunity to deliver a high-quality scheme in a well-connected location, alongside a partner with deep operational and development expertise in the sector.”
To read the latest IPE Real Assets magazine click here.
