Independently operated affiliate of CBRE Group – CBRE IM – on behalf of a separate account client, has acquired, in an off-market deal, a brand-new PBSA campus in Milan, Italy.
The campus, developed and constructed by Techbau, one of the leading developers in the Italian market, is the second largest in Italy and provides 928 rooms (1,075 beds).
The scheme opened in September 2024 under the management of CampusX, a renowned PBSA and hybrid hospitality operator in the Italian market, which currently manages ten buildings across Italy.
As well as large internal gardens, the asset features several high-quality facilities including a gym, swimming pool, a restaurant, sports fields, cafeteria and games room.
The asset is located in Novate Milanese, close to the Bovisa District – a rapidly changing district area that is part of the 2030 regeneration plan for Milan and the MIND Milano Innovation District, a mixed-use urban redevelopment project.
The asset is 500 meters from the train station Milano Quarto Oggiaro, which provides direct access in just four minutes to the Politecnico di Milano public university, and the Milan city centre in 15 minutes. The asset is targeting BREEAM Excellent and is also equipped with heat pumps and solar panels.
“The PBSA is a sector with a huge growth potential in Italy, given the substantial imbalance between supply and demand for modern student accommodation in Milan and the rest of Italy.
“The existing stock reflects just 6% of the city’s total student population. Milan is Italy’s number one city in terms of university students with more than 200,000 students, of which 49% require off-site accommodation. As well as meeting significant demand for PBSA in Milan, this transaction is in line with the strategy for our investor – to expand into Italy’s living sector via sustainable assets with robust environmental credentials and in key strategic locations.
“The Novate deal marks CBRE IM’s second acquisition in this sector in Italy. We are committed to further growth in the PBSA space with additional acquisitions.
“Our successful partnership with Techbau and CampusX, both of whom we have worked with for many years, has proven effective and we are keen to replicate this in future opportunities.”
Sandro Campora, Country Manager Italy, CBRE IM
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