The investment arena for European student housing assets widened further this week with a string of players kicking off new investment strategies for the asset class across Europe.
Ardian and Rockfield launched a long-term, core-plus partnership to invest in Purpose-Built Student Accommodation (PBSA) assets across Continental Europe, with Ardian acting as investment manager.
CBRE Investment Management committed initial equity of €500 mln to the JV through its indirect private real estate strategies on behalf of global institutional investors and the first investment is expected to be made before year-end.
The strategy aims to create a diversified portfolio of PBSA assets and will focus on European markets where student housing is in high demand and short supply, specifically in Italy, the Netherlands, Spain, Portugal, Germany and France.
In Central and Eastern Europe and the Baltics, Lithuanian investment company 1 Asset Management won support from the European Investment Fund to develop student housing for up to 3,500 students through what it says will be the first EIF-backed fund focused solely on social infrastructure in Central and Eastern Europe.
Also, PropertyEU understands that Praemia REIM, the Paris-based healthcare property investment specialist, has just launched a new Italian student housing fund together with a major operator and is expecting the vehicle to have an initial size of about €300 mln.
Student accommodation also stole the limelight with the largest portfolio to be brought to market this week. UK group Sanctuary announced it will explore the sale of a massive portfolio of 5,600 beds encompassing 21 properties in eight locations across the UK.
Other assets put up for sale this week include the Cambridge Biomedical Campus which is being sold by the Tesco Pension Fund for £175 mln and the Sheraton Warsaw hotel which is being marketed through Avison Young and JLL for €115 mln.
In the 'recently completed loans' section, student accommodation specialist GSA secured a £110 mln loan from Natwest to develop a number of new schemes in the UK – namely Unity Street and Print Hall in Bristol, and The Curve in London.
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