CBRE Investment Management, on behalf of a fund sponsored by the firm, has acquired a 16,600-square-meter (178,681-square-foot) student housing complex, providing 448 rooms (580 beds) in Milan. The seller is Manifatture Milano S.p.A.
The forward funding transaction, agreed in 2021, has seen the seller undertake a comprehensive refurbishment of the building to deliver high-quality homes for student accommodation. The asset was pre-let to a national student operator CampusX.
The building comprises a reception area, lounge/communal area, cinema room, library, private dining room, gymnasium and fitness studio, external communal spaces, launderettes and bicycle storage.
The property is located in the former Manifattura Tabacchi in the northern part of Milan in a rapidly changing semi-central area adjacent to the “district,” one of the largest city planning- transformation programs in Italy. The area has excellent transport links, with an underground station 100
