CBRE Investment Management has acquired a newly developed student housing campus in Milan, Italy, on behalf of a separate account client.
Financial details of the off-market deal were kept confidential.
The campus, developed and constructed by Techbau, is the second largest in Italy and provides 928 rooms (1,075 beds). The scheme opened in September 2024 under the management of CampusX, a PBSA and hybrid hospitality operator in the Italian market, which currently manages 10 buildings across the country.
As well as large internal gardens, the asset features a gym, swimming pool, a restaurant, sports fields, cafeteria and games room.
The asset is located in Novate Milanese, close to the Bovisa District – a rapidly changing district area that is part of the 2030 regeneration plan for Milan - and MIND – the Milano Innovation District, a mixed-use urban redevelopment project.
The asset is targeting BREEAM Excellent and is also equipped with heat pumps and solar panels.
Sandro Campora, country manager Italy at CBRE IM, said: ‘The PBSA is a sector with a huge growth potential in Italy, given the substantial imbalance between supply and demand for modern student accommodation in Milan and the rest of Italy. The existing stock reflects just 6% of the city’s total student population.’
He added: ‘The Novate deal marks CBRE IM’s second acquisition in this sector in Italy. We are committed to further growth in the PBSA space with additional acquisitions. Our successful partnership with Techbau and CampusX, both of whom we have worked with for many years, has proven effective and we are keen to replicate this in future opportunities.’
