TPG Real Estate Partners and Round Hill Capital have invested €68m in German student accommodation in behalf of their joint venture.
The duo’s European student housing investment venture, which extended into Germany in July 2019, has bought the Alp Studios asset of 287 studio apartments across 6,121sqm in Munich and a 4,335sqm, the asset comprises 199 studio apartments in Dresden. Both assets will be operated by Nido Student.
The latest deal lift’s the student housing platform to 2,500 units across Germany’s major university cities including Berlin, Stuttgart, Munich and Dresden.
Michael Abel, partner at TREP, said: “We look forward to further enhancing the portfolio through new acquisition and development opportunities as we seek to build an institutionalised platform of best-in-class assets at scale across Germany, where demand for quality student living remains high.”
Michael Bickford, founder and CEO at Round Hill Capital, said: “We are delighted to announce our latest German purpose-built student accommodation acquisitions with TPG Real Estate, further establishing Round Hill Capital’s reputation as one of Europe’s leading student accommodation investors.
”Whilst Covid-19 has presented short-term challenges, the deal highlights the resilience of the PBSA sector and the ongoing appetite for high-quality student accommodation assets across Europe’s major cities. By leveraging our on-the-ground German team, we plan to unlock further value for these assets and the platform as a whole”
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