Proprium Capital Partners has announced that its Southern European PBSA platform with Collegiate AC Europe Ltd (Collegiate) is investing $100m of equity to acquire and develop two PBSA schemes in Italy, in the cities of Milan and Padua.
These two high-quality PBSA schemes are exceptionally well-located, with excellent public transport connectivity. They are both close to key universities in each city – Bicocca University in Milan and the University of Padua in Padua.
The two schemes will provide over 1,600 student accommodation beds, as well as providing its residents with state-of-the-art facilities. These include a gym, spa, outdoor sports facilities, cinema, private dining rooms, group study spaces, and vibrant indoor and outdoor living areas. There is also 24-hour security, high speed Wi-Fi, bike storage, and year-round events programmes.
Including these two new PBSA developments, Proprium’s Southern European PBSA platform will have over 3,000 beds with a valuation of over $700m in Italy and Spain. These two countries have the lowest supply of PBSA per total students.
In 2019, Proprium formed its Southern European PBSA platform with Collegiate, and now has an identified pipeline of attractive PBSA investment opportunities with a GAV of over $1bn.
“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.
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.”
Javier Perez-Lecumberri, Partner at Proprium Capital Partners
Proprium Capital Partners is a spin out of the Morgan Stanley Real Estate Special Situations team. Today, it has grown to over $4bn of net assets under management across the US, Europe and Asia Pacific.
Over the last nine months, despite the wider slowdown in real estate transactions, Proprium has sold over $1.8 bn of assets, acquired $1bn of assets, distributed over $600m to LPs, has raised over $600m of equity and completed over $700m of debt financings, demonstrating the effectiveness of its investment strategy.
