Nuveen Real Estate and Value One’s European student housing venture Eagle JVCo is buying a portfolio of purpose-built student housing and two development sites in Poland.
Eagle JVCo has agreed to buy the portfolio which currently comprises around 150 beds and the developments which will add nearly 800 beds once completed.
The portfolio will be operated by Milestone, Value One’s student housing platform.
Marta Cladera de Codina, managing director at Nuveen Real Estate, said: “This most recent acquisition in Poland marks an important next step for both the Eagle JVCo and Nuveen’s involvement in the European housing market, as it represents the firm’s first residential investment in the country.
“Poland offers excellent characteristics in terms of student demographics, and a severe lack of quality purpose-built accommodation currently exists, so we believe that these assets will perform strongly once completed.”
Sebastian Gruber, managing director of Value One Development International said: “We are excited to develop our first student housing properties in Poland together with our local partner Akron Management.
“The acquisition is fully aligned with our international growth aspirations and we are now entering the fourth major international market, after Portugal, Germany and Italy where we are already active.”
Gary Clarke, CEO of Milestone, said: “This acquisition offers us the opportunity to have an immediate operating presence in this exciting new market, combined with an ability to accelerate the roll-out of our branded new build product through the development pipeline.”
Nuveen Real Estate and Vienna-based Value One formed the €600m pan-European student-housing joint venture in 2019.
Nuveen Real Estate is investment advisor to the venture while Value One and Milestone provide origination, development management and operational expertise.
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