Hines Enters into Italian Student Housing Market with Blue Noble
Date: March 2018
Location: Near Bocconi University, Milan, Italy
Name: TBA. Completion of the deal May 2018, Opening 2020
Binary Hub, Dublin
No. of Keys: 600 beds
Seller:
Buyer: Real estate fund manager Hines has teamed up with London-based Blue Noble (real investment group) to develop this student accommodation facility in Milan.
This will be Hines’ first in a series of investments in student housing in the main Italian university cities, with Rome, Florence and Venice targeted alongside Milan, to the tune of €500m.
Hines said it will manage the asset through Aparto, its student accommodation operating platform, which currently operates 1,400 student beds in the UK and Ireland, with an additional pipeline of 3,600 beds across Europe.
Besides Student Housing, Hines has various interest in hotels…Choice Hotels 136 rooms Cambria Hotels & Suites in Chandler, Arizona, Sheraton Georgetown 222 rooms in Texas, Conrad Hotel 370 rooms in Dubai and others.
THPT Comment: Ambitious plans for Hines in this sector, initially in the UK & Ireland, but now expanding into Continental Europe
First Seen: IPE Real Assets