Hines has teamed up with Blue Noble to develop a 600-bed student accommodation facility in Milan.
The investment is Hines’ first in a series of investments in student housing in the main Italian university cities, with Rome, Florence and Venice targeted alongside Milan. Hines aims to invest approximately €500 million ($615 million) in the student housing segment over the next two years. Hines has plans for a second development in Florence.
Hines will manage the asset through Aparto, its student accommodation operating platform, which currently operates 1,400 student beds in the United Kingdom and Ireland, with an additional pipeline of 3,600 beds across Europe. Aparto was launched in 2017.
The sale is expected to be finalized in May 2018 with the development of the new scheme scheduled to begin in 2018 and anticipated to be completed by the end of 2020.
Over the
