Basecamp Group and Xior sign landmark PBSA deal

Basecamp Group announces its sale – together with 11 prime purpose-built student accommodation assets – to Xior Student Housing in a landmark deal.

Extra large Łódź studio kitchenette room - Basecamp Group | Xior | PBSA News
Extra large Łódź studio kitchenette room.

Basecamp Group announces its sale – together with 11 prime purpose-built student accommodation (PBSA) assets – to Xior Student Housing in a landmark deal worth €939m. The transaction is expected to be completed in stages between September 2022 and March 2023.

The transaction – between Xior and Basecamp, European Student Housing Fund (ESHF I) and European Student Housing Fund II (ESHF II) – includes 5,341 units in 11 newly built assets in top-tier student cities in Germany, Poland, Denmark and Sweden. Of these, eight are fully operational, including one residential scheme, and three are in development.

Basecamp Group, a leading PBSA operator-developer in Europe, was founded by Armon and Amnon Bar-Tur, Justin Hamer and Dr. Andreas Junius in 2014. It develops, operates and manages properties with a focus on student housing for the benefit of two alternative investment funds, ESHF I and ESHF II, who finance the development, operations and management of these properties.

“Since its inception in 2014, Basecamp has been focused on building and developing smart student living spaces with vibrant communities, located close to city centres and universities. The sale of this multi-jurisdictional portfolio delivers against one of our key strategic priorities. We create strong income-producing real estate portfolios through developing high quality student accommodation in under supplied locations. We’ve invested heavily in our sales, marketing and operations teams and that is paying dividends with rents that are generally at a 25% premium to the local market.”

Justin Hamer, Chief Executive, Basecamp Group
Łódź scheme reception area - Basecamp Group | Xior | PBSA News
Łódź student scheme reception area.

Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specialising in the student housing segment in Belgium, the Netherlands, Spain and Portugal. Within this property segment, Xior Student Housing offers a variety of accommodation, ranging from rooms with shared facilities to en-suite rooms and fully equipped studios. Since 2007, as owner-operator, Xior Student Housing has built PBSA schemes for students looking for accommodation where they can study, live and relax.

“Xior and Basecamp have complementary portfolios and expertise: attractive, high-quality assets, great operational teams and focus on customer experience. Basecamp is also situated in countries and cities where Xior is not active yet and by joining forces we will become the number one PBSA owner and operator in continental Europe. I am confident that the combined expertise of our teams will help bring our businesses to the next level.”

Christian Teunissen, Chief Executive, Xior Student Housing
Łódź studio kitchenette room - Basecamp Group | Xior | PBSA News
Łódź studio kitchenette room.

The assets included in the sale will continue to be operated under the Basecamp brand and comprise:

  • Potsdam, Germany (263 units / 263 beds)
  • Leipzig, Germany (385 units / 412 beds)
  • Łódź I, Poland (487 units / 624 beds)
  • Łódź II, Poland (631 beds)
  • Katowice, Poland (733 beds)
  • Copenhagen South Campus, Denmark (350 beds)
  • Lyngby Student, Denmark (639 beds)
  • Lyngby Residential, Denmark (147 one- to three-bedroom apartments)
  • Aarhus, Denmark (663 beds) – in development
  • Malmö, Sweden (583 beds) – in development
  • Aachen Bluegate, Germany (460 beds) – in development

This transaction is part of Basecamp’s proactive investment strategy to acquire, develop, and operate student accommodation to maximise its investor returns. Beside the acquired portfolio, ESHF II has seven projects under development.

“Bringing Basecamp and Xior together marks the start of an exciting new chapter in the European PBSA market. Our teams are delighted to partner and execute our shared vision for delivering inspiring and life- enriching student accommodation.”

Armon Bar-Tur, Executive Chairman, Basecamp Group