Alternative investment specialist AXA IM Alts has inked a forward-purchase agreement for a 400-bed purpose built student accommodation (PBSA) scheme in Florence, Italy for €40 mln.
The acquisition has been made on behalf of clients of AXA IM Alts from Italy's CDS Holding, which has been retained as the developer for the project. CRM Students, the pan-European student housing specialist, has been appointed as the asset’s operator.
With all planning permissions obtained and construction already underway, the asset is due to complete in 2023, and will comprise 400 studio rooms across six floors.
The building will offer a range of amenities and communal spaces, including a gym, cinema, and games room, in addition to shared lounge and kitchen areas, a lobby, outdoor spaces and underground parking.
The building will target either BREEAM or LEED Gold sustainability certifications and is adjacent to the University of Florence’s new Novoli campus.
The transaction represents AXA IM Alts’ first PBSA acquisition in Italy. AXA IM Alts manages some €3.5 bn of student accommodation assets globally, spread across 15 countries.
