Family office-backed investors Stonehill Holdings and Pegasus Capital Partners are developing a 633-room student accommodation project in Vienna.
In cooperation with Pegasus Capital Partners, Stonehill Holdings is developing the 633-room student residence at Dresdner Strasse 107, in Vienna's 20th District.
The residence, comprising 26,000 m² of gross space over seven floors, will be the first actively managed, privately designed and developed student residence in Austria with on-site management providing a full-service cover.
With close to 200,000 students, Vienna has the largest student population in the German-speaking world ahead of Berlin with 150,000. CRM, the UK's largest independent manager of student accommodation, responsible for 20,000 student apartments, will manage the new residence in its first venture outside the UK.
Construction started in January and is due to be completed ahead of the September 2017 academic year. The building contract has been awarded to the Linz-based construction company Habau.
Senior debt is being provided by Raiffeisenlandesbank Oberösterreich. Stonehill was represented by Eversheds Vienna and Rödl & Partner advised Pegasus.
Stonehill is a Luxembourg-based family office, which develops and invests primarily in student and residential development projects across European markets, notably the UK, Germany and Austria.
Pegasus Capital Partners is a German owner-operated, medium-sized funding and investment company. Pegasus co-invests with its investors in iproject developments and value-add properties. The company is part of the Sontowski & partner group with headquarters in the metropolitan area Nuremberg/Erlangen.
Pegasus has been founded in 2014 together with a family office based in northern Germany.
