Global real estate private equity firm Proprium Capital Partners has inked a deal to acquire and develop two purpose-built student accommodation (PBSA) schemes in Italy in the cities of Milan and Padua.
Proprium's Southern European PBSA platform with Collegiate AC Europe will US$100 mln (€92 mln) of equity in the projects.
The two schemes will enjoy close proximity to key universities in each city (Bicocca University, Milan and the University of Padua), and a wide range of neighbouring local amenities.
The schemes will provide over 1,600 student accommodation beds, as well as providing its residents with facilities and services, including gym, spa, outdoor sports facilities, cinema, private dining rooms, group study spaces, indoor and outdoor living areas, 24-hour security, high speed Wi-Fi, bike storage, and year-round events programmes.
With these two new PBSA developments, Proprium’s Southern European PBSA platform will have over 3,000 student accommodation beds with a value of over US$700 mln in Italy and Spain, two countries with the lowest supply of PBSA per total students.
In 2019, Proprium formed its Southern European PBSA platform with Collegiate, a provider of contemporary student accommodation, and now has an identified pipeline of attractive PBSA investment opportunities with a gross asset value of over US$1 bn.
Javier Perez-Lecumberri, partner at Proprium Capital Partners, commented: 'We’re pleased to launch these two transformative PBSA schemes in Italy, which will enlarge our footprint in Milan and mark our debut in Padua.
'This additional investment demonstrates our continued commitment to deliver top-tier student housing schemes across Europe.
'We have an identified US$1 bn pipeline of attractive PBSA investment opportunities with growth plans to build a substantial well-managed PBSA platform with Collegiate in select university cities and towns across Southern Europe with chronic supply shortage that we can help alleviate.'
