Global real assets manager Patrizia has marked its entry into the Italian student housing market with a €70m investment in Turin.
The €56bn manager said the investment, which is being made on behalf of one of its international institutional clients, involves the forward purchase of a new-build purpose-built student accommodation (PBSA) scheme located in Via Frejus.
Scheduled to open in September 2023, the development is being delivered by Stonehill Holdings.
The project comprises 582 ensuite studio bedrooms along with a host of amenities. The scheme spans 13,000sqm of residential space over five floors.
Pierluigi Scialanga, the head of transactions in Italy at Patrizia, said the deal increases the firm’s assets under management in Italy to €1.1bn.
“Turin itself has a very prestigious and sought-after higher education sector, yet it currently offers only one bed for every 16 students, making this an exceptionally compelling investment opportunity for our global client base.”
Antonio Marin-Bataller, managing director pan-European transactions, said: “This latest acquisition strengthens our footprint and PBSA portfolio across Europe. We’ve completed several major transactions in this highly attractive sector in the last 12 months including Barcelona, Dublin, Hamburg and Copenhagen, just to pick out some examples.
“We believe that despite the pandemic and the current uncertainty in the markets, there will always be demand for high-quality PBSA in select European cities that are innovative and digitally well-connected. As an asset class, PBSA remains a key focus for Patrizia’s living-sector strategy.”
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