Value One and Nuveen Real Estate to enter Polish PBSA market

Eagle JVCo, the investment vehicle established in 2019 between Vienna-based Value One and Nuveen Real Estate on behalf of its parent TIAA, has agreed to acquire a portfolio of purpose-built student housing and two development sites in Poland.

The portfolio comprises approximately 800 beds of investment and development assets, and will be operated by Value One’s student housing platform, MILESTONE, Austria’s leading provider of premium student housing with a portfolio of over 4,600 student beds in operation and under development in Austria, Portugal, Germany, Poland, Italy and the Netherlands.

Nuveen Real Estate is one of the largest real estate investment managers in the world with $129 billion of assets under management. The company is the investment advisor to the venture while Value One and MILESTONE provide origination, development management and operational expertise.

Eagle’s professional advisory team comprised Akron Management, Savills, Crido Legal, B2RLaw and Linklaters.

Kamil Kowa, Director, Savills Poland Board Member, said: “We are delighted to have advised Nuveen Real Estate and Value One in their debut on the Polish PBSA market. Despite Covid-19 challenges, the outlook for this sector remains very positive. Poland proved that it can attract international students and the lack of quality purpose-built accommodation creates an opportunity for new-comers. Investors experienced in western markets can help to increase the development pace of the student housing sector in Poland and relatively quickly deliver high-quality properties.”

Marcus Roberts, Savills Head of European Investment & Development, Operational Capital Markets, says: “Savills is proud to continue to support the pan-European expansion of the JV’s student housing platform, having advised the parties involved since its inception. This is another great example of cross border client collaboration.”