Greystar has made Italy its ninth European market with the acquisition of a development site for a 400-bed student housing project in Bologna.
The acquisition, supported by a €45m green financing package from ING, marks the first step in Greystar’s plans to build an Italian purpose-built student accommodation platform of at least 2,500 beds by the end of 2027.
Construction on the city centre scheme, located near Porta Mascarella, will begin immediately under general contractor Di Vincenzo Dino & C.
Greystar said it is building a team and partnering with Redbrick to source new opportunities, supported by a newly established Italian investment structure managed by Savills Investment Management.
Rafael Fernández-Villaverde, managing director for southern Europe at Greystar, said: “Our ambition goes well beyond one project. We are targeting significant scale in Italy, with at least 2,500 beds in our sights by the end of next year. What sets Greystar apart is that we don’t simply invest in student housing.
“We develop and manage it too, bringing together the capital, expertise and operational experience needed to build a successful platform. Housing is inherently local, so establishing the right team and relationships on the ground will be fundamental to how we grow.”
Nicola De Martino, founder and managing partner of Redbrick, said: “Together with my partner and co-founder Alexio Pasquazzo and our managing director Giuseppe Scavolo, we are pleased to join forces with Greystar in building a leading student housing platform in Italy.
“By combining Greystar’s global expertise and investment capabilities with the local market knowledge, relationships and development experience of the Redbrick team, we see a unique opportunity to deliver high-quality student accommodation at scale. Bologna represents an important first step in what we believe will be a successful partnership.”
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