CBRE Investment Management has expanded into Italy’s living sector with the acquisition of a 928-room purpose-built student accommodation (PBSA) asset in Milan.
The fund manager has invested an unspecified amount on behalf of a separate account client to buy the new student housing campus in Novate Milanese developed by Techbau. The campus is the second largest in Italy and provides 1,075 beds.
Sandro Campora, country manager in Italy at CBRE IM, said: “The PBSA is a sector with a huge growth potential in Italy, given the substantial imbalance between supply and demand for modern student accommodation in Milan and the rest of Italy.
“The existing stock reflects just 6% of the city’s total student population. Milan is Italy’s number one city in terms of university students with more than 200,000 students, of which 49% require offsite accommodation.”
Campora said the Novate deal represents CBRE IM’s second acquisition in this sector in Italy.
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