Collegiate has secured strategic investment from Proprium Capital Partners (Proprium) as part of a joint-venture to develop a pipeline of student accommodation schemes in Italy.
The venture follows Collegiate’s announced intention to raise capital to extend the company’s portfolio across Europe and globally. This first phase of the Italian investment will target the development of around 3,500 new student bedrooms over the next three years.
Collegiate was advised by Savills on the transaction.
The first project, a 700-bedroom residence in Milan, will be one of the first major PBSA developments in the city, and responds to strong demand for high-quality accommodation. Development of the site is underway with construction planned to commence later this year.
The scheme in Milan is being designed, developed and managed by Collegiate’s in-house team. It aims to capitalise on the shortage of high quality PBSA in a city that has over 200,000 students, the vast majority of whom come from outside of Milan.
Eri Cuanalo, CEO of Collegiate, said: “We intend to set new standards in terms of quality, living environment, service and facilities to provide more choices to national and international students choosing to study in Milan and other university cities across Italy. We’re experiencing unprecedented demand for our high-quality accommodation throughout Europe and are very excited to be entering this partnership with Proprium in Italy.
“Collegiate is an established global brand trusted by students, parents and universities. Our unique experience across hundreds of PBSA construction projects and pioneering into new markets allows us to bring a robust approach to new-market expansion and reassurance to our investment partners.
Collegiate has managed over 50 student accommodation properties, and has been involved in the design and build of over 20,000 units over the past eight years.
Proprium Capital Partners is a privately-held real estate focused principal investment firm, advising funds which have a combined net asset value of approximately $1.6 billion.