Aventicum Real Estate and CA Ventures have announced the formation of a new joint venture (JV) partnership to develop purpose-built student accommodation (PBSA) assets across Italy.
The JV announces its first PBSA development project which will include 540 student beds in Milan. The scheme will offer the highest quality amenities available in the market and will be a leader in sustainability – with both LEED Gold and Fitwel certifications. The PBSA development is aimed at meeting the significant excess demand for student beds in Milan, where the current ratio of students to available beds is approximately 18:1. The scheme is expected to open to residents for the 2023 academic year and will be managed by CA Ventures’ in-house PBSA property management platform – Novel Student.
The scheme is located next to Milan’s Citta Studi district, which is home to the Polytechnic University of Milan’s main campus and departments of the University of Milan. The Citta Studi district is the epicentre of student life in Milan – with an eclectic mix of bars, restaurants and retail destinations, as well as excellent transportation links.
“Italy is rich with top tier universities that have established prominence on a global scale, leading to significant growth rates over the past few years.”
“Despite this growth, there is a significant lack of high-quality PBSA assets and operators that sufficiently meet the needs of this generation of students. We are excited to partner with Aventicum on this venture, leveraging both teams’ expertise in the student housing industry. Our established team of experts in the Italian and broader European markets will allow us to deliver products and services that fulfil this widespread demand, exceed student expectations and support the continued innovation and advancement of the PBSA sector.”Carlo Matta, Head of Europe, CA Ventures
In 2020, CA Ventures launched its PBSA property management platform – Novel Student – to operate its new development portfolio in the UK and Europe. The brand was thoughtfully designed with sustainability at its core – from inception to completion – and to reflect the needs and preferences of Generation Z students prioritising the ‘live, work, play’ model, as well as integrated wellness.
“Covid-19 has underscored the need for quality, sustainable student living communities – a market that is currently undersupplied, especially in Italy.”
“With more than 1.8m students attending university and only 65,000 purpose-built beds in operation — a Provision Rate of only 3.6% — Italy is one of the most undersupplied student housing markets in the EU. The managed student housing market, while still in its infancy in Italy, is projected to draw further institutional capital, attracted by the resilient performance of the asset class through economic cycles. Aventicum’s partnership with CA marks a significant strategic milestone, as we capitalise on the strong demand from students for quality accommodation and from investors for durable income-producing real estate investments.”Christophe Tanghe, Managing Director and Head of Aventicum Real Estate
The addition of the JV’s newly announced properties will increase Novel’s portfolio to over 2,500 beds under management across the UK and Europe.