Italy: Proprium Capital Partners has announced that its Southern European PBSA platform with Collegiate AC Europe Ltd is investing $100 million of equity to acquire and develop two schemes in Italy.
The schemes are both close to key universities – Bicocca University in Milan and the University of Padua in Padua.
They will provide more than 1,600 student accommodation beds, and amenities including a gym, spa, outdoor sports facilities, cinema, private dining rooms, group study spaces, and outdoor living areas. There is also 24-hour security, high speed Wi-Fi, bike storage, and year-round events programmes.
Javier Perez-Lecumberri, partner at Proprium Capital Partners, said: “We’re pleased to launch these two transformative PBSA schemes in Italy, which will enlarge our footprint in Milan and mark our debut in Padua. This additional investment demonstrates our continued commitment to deliver top-tier student housing schemes across Europe. Including these two new PBSA developments, Proprium’s Southern European PBSA platform will have more than 3,000 beds with a valuation of above $700 million in Italy and Spain. We have an identified US$1 billion pipeline of attractive PBSA investment opportunities with growth plans to build a substantial well-managed PBSA platform with Collegiate in select university cities and towns across Southern Europe with chronic supply shortage that we can help alleviate.”
Proprium formed its Southern European PBSA platform with Collegiate in 2019. Proprium Capital Partners is a spin out of the Morgan Stanley Real Estate Special Situations team. It has more than $4 billion of net assets under management across the US, Europe and Asia Pacific.
