Proprium Capital Partners and Collegiate AC Europe are investing $100m (€92m) to acquire and develop two student housing projects in Italy.
The pair’s Southern European purpose-built student accommodation (PBSA) platform will develop the schemes in Milan and Padua. They are expected to provide over 1,600 student accommodation beds.
With these two new PBSA developments, Proprium’s Southern European PBSA platform will have over 3,000 student beds with a value of more than $700m in Italy and Spain.
Javier Perez-Lecumberri, partner at Proprium Capital Partners, said: “We’re pleased to launch these two transformative PBSA schemes in Italy, which will enlarge our footprint in Milan and mark our debut in Padua.
“This additional investment demonstrates our continued commitment to deliver top-tier student housing schemes across Europe.”
He added: “We have an identified $1bn pipeline of attractive PBSA investment opportunities, with growth plans to build a substantial well-managed PBSA platform with Collegiate in select university cities and towns across southern Europe with chronic supply shortage that we can help alleviate.”
Collegiate expanded its student accommodation portfolio into the Italy market in June 2019 when it teamed up with Proprium to develop projects in the country.
The PBSA provider said it has secured an undisclosed strategic investment from Proprium as part of a joint venture to develop the pipeline of student accommodation schemes.
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