Finint Investments, an Italian asset manager part of Finint bank, has agreed to acquire a 10,000 m2 asset at Via Ponte to the south-east of the city of Pisa in Northern Italy, for the development of a 372-bed purpose-built student housing facility.
The deal was signed through the Pitagora fund,which is dedicated to the development of student housing assets and is invested by CDP Real Asset SGR (Gruppo Cassa Depositi e Prestiti).
The student residence will offer 272 beds, a reception desk, a cafeteria and an area dedicated to laundry services, a video room, a games room, as well as a fully equipped gym and an additional outdoor sports structure.
The vendor is Ville Urbane S.p.A. Financial details were kept confidential.
In recent months, the Pitagora Fund has concluded two other similar investments in Modena and Padua, where other student residences will be built for the overall creation of over 800 new beds in the three Italian provinces.
'The Student Housing market has seen rapid growth in recent years and represents one of the most active emerging sectors in Italy,' commented Mauro Sbroggiò, CEO of Finint Investments.
'We are pleased to announce that we have reached an agreement with Finint Investments on a project in which we strongly believed and on whose development we spent a lot of time,' commented Luca Lemmi, president of CMSA soc. coop. which controls Ville Urbane spa. 'The construction of the Student House will constitute a significant and qualified step forward in completing the recovery of the former Saint Gobain West area, which began ten years ago with the construction of the Coop supermarket and 110 other real estate units, including offices and homes.'
