AXA IM Alts pays €40m for Italian PBSA scheme

AXA IM Alts has agreed to pay €40 million ($90 million) for a 400-bed purpose-built student-accommodation (PBSA) scheme in Florence, Italy.

The acquisition was made on behalf of client of AXA IM Alts from CDS Holding, who was retained as the developer for the project. Pan-European student housing specialist CRM Students was chosen to be the asset’s operator.

The asset, adjacent to the University of Florence’s new Novoli campus, is scheduled for completion in 2023, and will comprise 400 fully equipped studio rooms spanning six floors. The building will offer a range of high-quality amenities and communal spaces, including a gym, cinema, and games room, in addition to shared lounge and kitchen areas, and a lobby.

This transaction represents AXA IM Alts’ first PBSA acquisition in Italy. The firm manages about €25 billion ($28 billion) of residential assets globally, including €3.5 billion ($4 billion) of student- accommodation assets in 15 countries.