Harrison Street Real Estate Capital has acquired six student housing properties in Germany and has teamed up with MPC Capital to invest in student accommodation across Europe.
The US-based investment manager is buying the student housing properties from Germany-based developer MPC Capital.
Harrison Street said it will enter into a strategic joint venture partnership with MPC Capital to invest in the portfolio and to invest in student accommodation going forward.
The acquired portfolio consists of more than 1,000 beds and will serve university students in Berlin, Bonn, Kaiserslautern, Leipzig and Nuremberg.
Under the terms of the joint venture, the properties will continue to be managed under MPC Capital’s STAYTOO brand and existing property management teams.
Harrison Street said MPC Capital has identified a strong pipeline of potential additional properties to be acquired by the joint venture, which will also be managed under the STAYTOO brand.
Christopher Merrill, co-founder, president and chief executive Officer of Harrison Street said: “We are excited to be expanding our European presence and to further Harrison Street’s commitment to providing high-quality student housing options.”
Early last year, Harrison Street partnered French developer and operator HPC for a French student housing drive.
Germany is the fourth European market that Harrison Street has successfully penetrated since opening its London office in 2015.
Harrison Street’s European student housing portfolio comprises more than 6,500 beds in ownership or under construction across Ireland, France, Germany and the UK.