Proprium Capital Partners to invest $100 mln in Italy's growing student housing sector
MILAN, July 22 (Reuters) -Proprium Capital Partners will invest $100 million in projects in Italy's fast-growing student accommodation sector, the real estate private equity firm said on Monday.
It will acquire and develop two purpose-built student accommodation (PBSA) projects to provide accommodation for more than 1,600 students in total in prime locations in the northern cities of Milan and Padua.
The facilities will include a gym, spa, outdoor sports facilities, cinema and group study spaces, it said in a statement.
According to a report published this month by Scenari Immobiliari and Re.Uni, purpose-built student accommodation in Italy can house more than 85,000 students currently and this number is set to increase by about 28,000 beds over the next three years.
Given the current gap between supply and growing demand for university housing in Italy "there is a great opportunity for real estate investors," the report said.
Proprium, a spin-out of Morgan Stanley Real Estate Special Situations team, has been investing in real estate operating companies since 1996 and has over $4 billion of assets under management.
"We are pleased to launch these two transformative PBSA schemes in Italy, which will enlarge our footprint in Milan and mark our debut in Padua," said Javier Perez-Lecumberri, partner at Proprium Capital Partners.
"This additional investment demonstrates our continued commitment to deliver top-tier student housing schemes across Europe."
Reporting by Cristina Carlevaro, editing by Alessandro Parodi and Susan Fenton
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