Investment management firm Harrison Street launches a newly-formed programmatic joint venture with real estate development company Artisa Group, who have an established presence in the Swiss and European markets. The joint venture will see the acquisition of Viale Monza – a 260-unit residential development in Milan, Italy. Upon completion, Viale Monza will be managed by Swiss living operator City Pop, and will house both students and non-students.
City Pop currently manages a portfolio of apartments across Switzerland and Germany and plans to continue its expansion across additional properties in Italy and the Czech Republic.
“Embarking on this JV with Harrison Street is a source of great joy for Artisa Group. It’s a validation of our European positioning, affirming our commitment to continuity and our determination to extend our presence beyond Switzerland. This venture aligns seamlessly with our innovative living concept, City Pop, and we are excited about the journey ahead.”Flavio Petraglio, CEO, Artisa Group
Situated within walking distance from the metro station, city centre, a supermarket, pharmacy and gym, Viale Monza will also offer residents a range of on-site amenities including private outdoor spaces.
The development of the scheme will occur in two phases, with the first phase of approximately 77 units to be delivered in spring 2024 and the second phase expected to be fully completed by Q4 2024.
“We’re pleased to be launching this JV with Artisa, a high-quality operating partner with a strong track record in the living sector, we look forward to growing the portfolio and relationship over time.
“Italy has the second largest unmet student demand in Europe, with a significant undersupply of purpose-built student assets. We’re pleased to meet that demand with Viale Monza, which signifies Harrison Street’s entry into the Italian residential and PBSA sector.”Paul Bashir, Chief Executive Officer, Harrison Street’s European business
The residential market in Italy is undersupplied and follows the same demographic trends as other major European markets. With 218,000 students of whom 10.8% are internationals, Milano has a limited number of privately managed PBSA schemes and living sector assets, as the majority of PBSA is owned by public entities.
The newly formed joint venture between Harrison Street and Artisa expects to scale over time as it invests in Italian living opportunities with an initial focus on Northern Italy. The joint venture intends to pursue both the acquisition of ground-up developments alongside the refurbishment and repositioning of existing commercial buildings, offering modern living options to the chronically undersupplied Italian market.