Listed German property company Patrizia Immobilien has acquired a 6,300 m2 student accommodation property in the city of Münster in North Rhine-Westphalia from an unnamed Dutch investment company.
Financial details were not disclosed.
The property comprises 200 one-bedroom apartments across two towers as well as an underground parking garage and is situated in the area of Münster-Gievenbeck, five kilometres from the city centre of Münster.
'We have been experiencing an increasing level of interest in student accommodation from institutional investors. This property in particular is one of high quality in an area that is greatly in demand due to it being a well-established site within a stable district,' noted Johannes Altmayr, head of residential acquisitions at Patrizia.
Münster is home to 50,000 students, making it one of the largest student populations in Germany, Altmayr continued. 'We anticipate that this population, and the subsequent demand for high-quality, affordable student accommodation in the area, is set to grow further in the coming years.'
Constructed in 2013, all the fully let apartments include private kitchen spaces, while the majority also benefit from individual balconies. The property’s close proximity to public transport links allows residents easy access to Münster and university amenities.
Patrizia counts student accommodation as part of its residential asset class. As of 31 December 2016, residential properties accounted for 42% of the company's €18.6 bn in assets under management.
