TPG Real Estate Partners and Round Hill Capital have teamed up for the second time to invest in European student housing, acquiring 13 assets in Germany.

The real estate investment firms have created a new joint venture to acquire the student housing portfolio from Deutsche Real Estate Funds.

In November last year, TPG and Round Hill announced a joint venture to invest in student housing in Portugal.

The latest acquisition involves approximately 2,100 student accommodation units in nine German cities, including Berlin, Bremen and Stuttgart.

TPG and Round Hill said they will acquire and resposition more existing assets in Germany and develop new purpose-built properties across select university cities and towns.

“We are committed to bringing our expertise in the student housing sector to the German market and plan to make further investments,” said Michael Bickford, founder and CEO of Round Hill. 

“Round Hill Capital continues to expand its business across wider Europe and international markets in line with our existing strategies in the accommodation and logistics sectors.”

Michael Abel, partner at TPG Real Estate, said: “The student population in Germany is one of the largest and fastest growing in Europe. Despite this, the country’s student housing sector is still underdeveloped, with few institutional operators of scale.

“We are pleased to partner with Round Hill Capital and all existing stakeholders on this complex transaction to bring more high-quality accommodation options to students across the country.”