Harrison Street has entered the Italian market through a joint venture with Artisa Group and acquiring an asset in northern Italy.
The partnership has acquired Viale Monza, a 260-unit residential asset in Milan. Upon completion, Viale Monza will be managed by City Pop, an experienced living operator from Switzerland. The transaction marks Harrison Street’s debut in the Italian residential sector.
The newly purchased residential asset is located close to a metro station into the city centre, and other facilities such as a supermarket, pharmacy and gym are located within a short walking distance. Viale Monza will offer onsite amenities to its residents and private outdoor spaces The development of the property will take place in two phases, with the first phase of approximately 77 units completing in spring 2024 and the second phase expected to be fully completed by Q4.
Harrison Street said the joint venture with Artisa was expected to scale over time and invest in Italian living opportunities with an initial focus on the north of the country.
The partnership intends to pursue “the acquisition of ground-up developments as well as the refurbishment and repositioning of existing commercial buildings, offering state-of-the-art living options to the chronically undersupplied Italian market”.
Paul Bashir, CEO of Harrison Street’s European business, said: “We’re pleased to be launching this JV with Artisa, a high-quality operating partner with a strong track record in the living sector, we look forward to growing the portfolio and relationship over time.
“Italy has the second largest unmet student demand in Europe, with a significant undersupply of purpose-built student assets. We’re pleased to meet that demand with Viale Monza, which signifies Harrison Street’s entry into the Italian residential and PBSA sector.”
Flavio Petraglio, CEO of Artisa Group, said the joint venture was a “validation of our European positioning, affirming our commitment to continuity and our determination to extend our presence beyond Switzerland”.
He said: “This venture aligns seamlessly with our innovative living concept City Pop and we are excited about the journey ahead.”
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