Macquarie enters European student market with 12,000-bed deal

Europe: Australian finance group Macquarie will acquire two European student housing platforms managing over 12,000 beds, entering the European student accommodation market. 

Macquarie will acquire MILESTONE and BaseStack Living, two specialist student housing investment platforms, for an undisclosed sum.

The acquisition forms part of Macquarie’s strategy to grow its private markets unit internationally after selling its international public assets to Nomura last April.

The newly acquired platforms include properties in Germany, Austria, the Netherlands, Poland, Italy, Spain, Portugal, and Denmark.

Macquarie said it plans to expand into additional European student housing markets, said Brendan Jones, Macquarie Asset Management’s head of real estate for Europe, Middle East, and Africa.

BaseStack Living’s owner, Justin Hamer, will become CEO of the combined student housing business under Macquarie’s ownership.

Brendan Jones, head of real estate in EMEA at Macquarie Asset Management, said: “This transaction marks a new chapter in our European real estate strategy. We are pleased to close the acquisition of the MILESTONE and BaseStack Living businesses and partner with their very experienced and capable management teams to realise our mutual growth ambitions.

“Combining these complementary businesses creates a solid cornerstone on which to build a sector-specialist platform that will own, develop, operate and manage capital on behalf of its clients. Over time we expect to scale the offering across major European markets, which will help to alleviate pressure on the residential rental market and provide more specialised and affordable housing options for students.”

Highlights:

• Macquarie hasentered the European student market

• The Australian finance group will acquire two European student housing platforms managing over 12,000 beds.

• The firm has targeted the PBSA sector as part of its private markets expansion strategy.

• Macquarie has purchased MILESTONE and BaseStack Living for an undisclosed sum.

• The acquired platforms have included properties in Germany, Austria, Netherlands, Poland, Italy, Spain, Portugal, and Denmark.