GREYKITE European Real Estate Fund has agreed on the acquisition of an 8,000-square-meter (86,000-square-foot) vacant hotel in Munich, which will seed a newly formed €250 million ($262 million) purpose-built student accommodation (PBSA) strategy, in joint venture with Equilibria Group.
The property being acquired from owner and operator NH Hotels is strategically located in the southern part of Munich, with several of the city’s top-ranked universities easily accessible via public transport. The joint venture plans to undertake a comprehensive repositioning program, converting the property into a modern PBSA asset with approximately 190 rooms for the academic year 2026–2027.
The joint venture is targeting more than €250 million ($262 million) of investment into the high-growth, supply-constrained German PBSA sector, alongside Equilibria Group, which has more than 30 years of development and hotel conversion experience across Europe.
The transaction marks
