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Germany: Tribera, the flex living platform backed by Macquarie Asset Management, has formed a partnership with Australian pension fund Aware Super to launch a German student housing platform.
The venture, which will have an investment capacity of more than €1 billion, will own and operate high-quality purpose-built student accommodation (PBSA) assets across major markets including Berlin, Munich, Hamburg, Cologne and Frankfurt.
Aware Super head of international and senior portfolio manager for property – UK Mathieu Elshout said: “Germany’s purpose-built student accommodation market offers exactly the kind of structural opportunity our global investment strategy is designed to capture – significant undersupply, strong and growing demand, and a compelling entry point as the market begins to institutionalise.”B
“The establishment of the partnership will enable us to diversify our property portfolio both geographically into continental Europe and into a new alternative sector, while partnering with experienced operators in European student housing. We believe it will deliver strong long-term, risk-adjusted returns for our 1.3 million members,” he added.
The partnership comes less than a year after Macquarie acquired a majority stake in Tribera, following the its purchase of BaseStack Living and Milestone to create a pan-European living platform.
Macquarie Asset Management managing director James Bechely-Crundall said: “Our investment in Tribera is aligned to our strategy of establishing and incubating specialist real estate managers in sectors we believe are supported by significant structural tailwinds.”
“We have high conviction that a scalable market opportunity exists in the European student housing sector and that Tribera is well positioned to partner institutional capital with best-in-class real estate opportunities at scale. We look forward to continuing to work with the business and its capital partners to support their growth ambitions,” he added.
Tribera chief executive Justin Hamer said: “We are excited to partner with Aware Super in creating community-driven living spaces across key German cities that seamlessly integrate innovation, sustainability and customer service.”
The platform will target investments across the risk spectrum, aiming to secure an attractive entry basis and unlock value over the longer term in a German market where professionally managed student housing remains in short supply, the companies said. London-based Tribera has been appointed to provide asset, property and development management services to the venture.
Highlights:
- Tribera, the flex living platform backed by Macquarie Asset Management, has formed a partnership with Australian pension fund Aware Super to launch a German student housing platform
- The venture, which will have an investment capacity of more than €1 billion, will own and operate high-quality purpose-built student accommodation (PBSA) assets across major markets including Berlin, Munich, Hamburg, Cologne and Frankfurt
- The partnership comes less than a year after Macquarie acquired a majority stake in Tribera, following the its purchase of BaseStack Living and Milestone to create a pan-European living platform
