Nuveen Real Estate, one of the largest investment managers in the world with $152 billion of assets under management, alongside its joint venture partner, Value One, has completed the development of Fabryczna 22, the second Polish student living asset to be delivered by the two firms’ Eagle joint venture.
Located in Poland’s third-largest city, Wrocław, the asset was designed by award-winning Polish architectural firm, Kuryłowicz & Associates, and accommodates 512 beds with a range of student amenities including a gym, resident lounges, study rooms, music room, private dining room, laundromat and rooftop terrace. The asset will be managed by Value One’s student accommodation operator, MILESTONE.
The Eagle joint venture with Vienna-based Value One was formed in 2019 to fund and develop student accommodation assets across Europe. The completion of MILESTONE Fabryczna follows the acquisition of MILESTONE Wrocław Ołbin, also known as Prusa 9, in July 2021, which was redeveloped and expanded to accommodate 286 beds. Collectively the venture now holds 800 beds in Poland.
The wider portfolio comprises 7 assets across Italy, Portugal, Austria and Poland, with 1,390 completed beds and a further 1,340 units under construction. Nuveen is actively targeting further student living acquisitions across Europe.
Nuveen’s European Housing platform spans multifamily, single-family rental, student accommodation, senior living, affordable living and hotels. With a committed portfolio of ~€2 billion including a secured pipeline, Nuveen has a firm ambition to become one of Europe’s leading investment managers in the living sector.
Marta Cladera de Codina, Head of Portfolio Management for Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Student accommodation is one of our priority sub-sectors within the wider living asset class, as we see university cities across Europe lacking sufficient purpose-built and high-quality student accommodation to meet demand. This issue is especially acute in Poland, where the international student population is expected to continue to grow significantly. Our Eagle joint venture with Value One has been very effective at identifying sites and delivering a high-specification product that can meet this demand, as well as setting a new standard for the student experience through MILESTONE’s operating platform.”
Limor Shklaz, Director of Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “The Fabryczna 22 asset is well-aligned with Nuveen’s objective to create and protect assets for Tomorrow’s World. The building has been designed and built to optimal energy and water efficiency standards and has achieved a BREEAM Excellent certificate. In addition, the Eagle joint venture was recently awarded a 5-star GRESB rating for 2023 and ranked first in its peer group – further evidence of our commitment to creating best-in-class and future-proofed living products.”
Christof Flöckner, Managing Director of Business Development, MILESTONE Living, said: “We are pleased once again to expand the range of premium accommodation for students in Wrocław. This brings us an important step closer to our target of 5,000 beds in Poland. The growth potential in the Polish PBSA market will remain high in the future, as the demand is strong for accommodations built specifically for this increasing group of international students.”
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