CBRE Investment Management has acquired a 16,600 m2 student housing complex providing 448 rooms in Milan on behalf of one of its funds. The seller is Manifatture Milano S.p.A.
The forward funding transaction, agreed in 2021, saw the seller undertake a comprehensive refurbishment of the building to deliver high-quality homes for student accommodation. The asset was pre-let to national student operator CampusX.
Although financial details were kept confidential, the property is said to have traded for around €40 mln.
The building comprises a reception area, lounge/communal area, cinema room, library, private dining room, gymnasium & fitness studio, external communal spaces, launderettes, and bicycle storage. It is located in the former Manifattura Tabacchi in the northern part of Milan, in close proximity to the University of Bicocca.
Sandro Campora, country manager for Italy at CBRE Investment Management, commented: 'There is an undersupply of good quality student accommodation in Italy in general and in Milan in particular, and we are very pleased to be delivering homes to meet this need.'
