CBRE Investment Management Acquires 16,600 sq m Student Housing Complex in Milan

CBRE Investment Management, on behalf of a fund sponsored by the firm, has acquired a 16,600 sq m 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 & fitness studio, external communal spaces, launderettes, and bicycle storage.

The property is located in the former Manifattura Tabacchi in the northern part of the City 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 metres from the property and the overland tram. Within 800 meters, the University of Bicocca is located which has more than 37,000 students. Within the area, there are two cultural centres (Arcimboldi Theatre and Hangar Bicocca), retail hubs (Bicocca Village) and sports facilities.

Sandro Campora, Country Manager Italy, CBRE Investment Management commented: “There is an undersupply of good quality student accommodation in Italy in general and Milan in particular, and we are very pleased to deliver homes to meet this need. Partnering with renowned student housing operator, CampusX, provides us with the reassurance of providing well-managed homes to students as well as secure long-term income for our investors.”

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $144.2 billion in assets under management* as of September 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.