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Italy: Greystar will be expanding to Italy, its ninth European market, with its first development in the country for a 400-bed student housing community in Bologna.
Greystar aims to build more than 2,500 beds for student housing in Italy by the end of 2027, with the ambition of becoming one of the country’s leading operators. The company is also exploring further opportunities in Milan, Rome, Florence and Turin.
“Our ambition goes well beyond one project,” said Rafael Fernández-Villaverde, Greystar’s managing director for southern Europe. “What sets Greystar apart is that we don’t simply invest in student housing. We develop and manage it too, bringing together the capital, expertise and operational experience needed to build a successful platform. Housing is inherently local, so establishing the right team and relationships on the ground will be fundamental to how we grow.”
Greystar is collaborating with local companies to support its expansion in Italy. It has already established a partnership with Redbrick to help identify and progress new investment opportunities, and another collaboration with Savills Investment Management as fund manager to support its investment activities in the country.
“By combining Greystar’s global expertise and investment capabilities with the local market knowledge, relationships and development experience of the Redbrick team, we see a unique opportunity to deliver high-quality student accommodation at scale,” said Nicola De Martino, founder of managing partner of Redbrick. “Bologna represents an important first step in what we believe will be a successful partnership.”
The new student housing community is located near Porta Mascarella, in Bologna’s historic city centre, close to the University of Bologna and other higher education institutions.
As one of Italy’s leading university cities, Bologna hosts around 87,000 students, approximately 55,000 of whom – about 63 per cent – are from outside of the city to study.
The 400-bed development will operate under Canvas, Greystar’s established European student and young professional rental housing brand. It will include a mix of standard and premium studios and twin rooms, along with shared amenities like study and working areas, a rooftop pool, a gym, social spaces and lounges, as well as retail, food and beverage space. The development is targeting BREEAM Excellent certification.
Construction will begin immediately, with Di Vincenzo Dino & C. S.p.A. (“DVC”) appointed as general contractor. ING has provided a €45 million financing package including a green construction facility and a VAT facility, acting as mandated lead arranger, lender, agent, green coordinator and hedging bank.
With the addition of Italy, Greystar’s European business has more than €20 billion of assets under management, over 93,600 BTR homes and PBSA beds and around 1,400 team members. Greystar’s European value-add strategy has more than €6.8 billion of investment capacity for acquisitions and development across European rental housing, including student accommodation.
Highlights:
- Greystar is entering Italy, its ninth European market, with a 400-bed student housing development in Bologna. Construction will begin immediately, with the property located near Porta Mascarella in the historic city centre, close to the University of Bologna and other higher education institutions
- The global real estate investment and management company aims to develop more than 2,500 student housing beds in Italy by the end of 2027. Greystar is also exploring further opportunities in Milan, Rome, Florence and Turin as it seeks to establish itself as a leading student accommodation operator in the country
- The Bologna development will operate under Greystar’s Canvas brand, offering standard and premium studios, twin rooms, study and working areas, a rooftop swimming pool, a gym, social lounges and retail, food and beverage space. The project is targeting BREEAM Excellent sustainability certification
- Greystar is partnering with local firms to support its Italian expansion. Redbrick will help identify and progress investment opportunities, while Savills Investment Management will act as fund manager. Di Vincenzo Dino & C. S.p.A. (DVC) has been appointed general contractor
- ING has provided a €45 million financing package for the Bologna student housing project, including a green construction facility and a VAT facility. Greystar’s wider European business has more than €20 billion in assets under management, over 93,600 build-to-rent (BTR) homes and purpose-built student accommodation (PBSA) beds, and approximately 1,400 team members
