Italy: CBRE IM has acquired a new PBSA campus in Milan on behalf of a client, in an off-market deal.
The development, which has been built and delivered by developer Techbau, is the second largest in Italy and provides 928 rooms with 1,075 beds.
The scheme opened in September 2024 under the management of CampusX, which currently manages 10 buildings across Italy.
As well as large internal gardens, the asset features a gym, swimming pool, restaurant, sports fields, cafeteria and games room.
The asset is located in Novate Milanese, close to the Bovisa District, an area that is part of the 2030 regeneration plan for Milan and the MIND Milano Innovation District, a mixed-use urban redevelopment project.
The asset is 500 metres from the train station at Milano Quarto Oggiaro, which provides direct access in four minutes to the Politecnico di Milano public university, and Milan city centre in 15 minutes. The asset is targeting BREEAM Excellent and is also equipped with heat pumps and solar panels.
Sandro Campora, country manager Italy at CBRE IM, said: “PBSA is a sector with a huge growth potential in Italy, given the substantial imbalance between supply and demand for modern student accommodation in Milan and the rest of Italy. The existing stock reflects just six per cent of the city’s total student population. Milan is Italy’s number one city in terms of university students with more than 200,000 students, of which 49 per cent require off-site accommodation. As well as meeting significant demand for PBSA in Milan, this transaction is in line with the strategy for our investor – to expand into Italy’s living sector via sustainable assets with robust environmental credentials and in key strategic locations.
“The Novate deal marks CBRE IM’s second acquisition in this sector in Italy. We are committed to further growth in the PBSA space with additional acquisitions. Our successful partnership with Techbau and CampusX, both of whom we have worked with for many years, has proven effective and we are keen to replicate this in future opportunities,” he added.
