Nuveen, Value One unveil €600m pan-European student housing JV

Nuveen and Value One have created a €600 million ($674 million) pan-European student housing joint venture.

The vehicle will be seeded with three assets — one standing investment in Vienna and two developments in Lisbon and Porto to be delivered over the next two years.

The venture is predominantly backed by Nuveen Real Estate with additional co-investment from Value One. Nuveen Real Estate will act as investment adviser to the venture while Value One and Milestone, a Value One subsidiary, will provide origination, development management and operational expertise.

“Student accommodation is one of the most exciting investment opportunities in Europe right now,” said Reggie Noel, senior portfolio manager, Nuveen. “University places are in demand from an increasingly mobile student demand pool, which we expect to continue to grow over the long term. The venture will target cities that show supply shortfalls in student accommodation, particularly in terms