Italy: Investment management firm Harrison Street has formed a JV with real estate development company Artisa Group.
The partners’ first deal is the acquisition of Viale Monza, a 260-unit residential development in Milan. Upon completion, Viale Monza will be managed by Artisa’s operating platform City Pop, and will house both students and non-students. It represents Harrison Street’s entrance into the Italian residential and PBSA sector.
Situated within walking distance from the metro station, city centre, a supermarket, pharmacy and gym, Viale Monza will also offer residents a range of on-site amenities including private outdoor spaces. The scheme will be developed in two phases, with the first phase of approximately 77 units to be delivered in spring 2024 and the second phase expected to be fully completed by Q4 2024.
City Pop manages a portfolio of apartments across Switzerland and Germany and plans to continue its expansion across additional properties in Italy and the Czech Republic.
Flavio Petraglio, CEO of Artisa Group, said: “Embarking on this JV with Harrison Street is a source of great joy for Artisa Group. It’s a validation of our European positioning, affirming our commitment to continuity and our determination to extend our presence beyond Switzerland. This venture aligns seamlessly with our innovative living concept, City Pop, and we are excited about the journey ahead.”
Paul Bashir, CEO of Harrison Street’s European business, said: “We’re pleased to be launching this JV with Artisa, a high-quality operating partner with a strong track record in the living sector, we look forward to growing the portfolio and relationship over time. Italy has the second largest unmet student demand in Europe, with a significant undersupply of purpose-built student assets. We’re pleased to meet that demand with Viale Monza, which signifies Harrison Street’s entry into the Italian residential and PBSA sector.”
The JV expects to grow as it invests in Italian living opportunities with an initial focus on northern Italy. The partners intend to pursue both the acquisition of ground-up developments as well as the refurbishment and repositioning of existing commercial buildings.
