A joint venture between Round Hill Capital and CPP Investments has expanded its European student accommodation portfolio with the acquisition of a new 506-bed asset in Maastricht, the Netherlands.
The project will be developed by Urban Developers and comprises 506 student beds, all of which will provide affordable housing options for students.
The new residence will help to address the growing shortage of available student accommodation in Maastricht, with the area’s student population expected to grow by 9% by 2025 – mainly due to the expected influx of international students – which is equivalent to a requirement for an additional 2,000 student beds, Roun Hill said.
Additionally, the asset contains a communal / amenity area of c.500 sqm and will include a gym, work & study spaces, laundry service, reception & facilities management, offering high quality accommodation, services and facilities for local and international students.
The asset will be operated by Nido Student and will be available for students before the start of the academic year 2023 / 2024. Construction works commenced in January 2022.
The asset is located in the Randwyck area, which is renowned for hosting the annual European Fine Art Fair. Only a short walk away from one of the world’s leading educational institutions, Maastricht University – ranked the 127th best university in the world. The asset is also close to Maastricht University Sports Centre and Maastricht Hospital. The Randwyck area is very popular with students, with an abundance of bars and restaurants on offer.
The transaction is one of the four seed assets acquisitions as part of Round Hill Capital’s recently announced record €1 billion+ joint venture with Canada Pension Plan Investment Board (CPP Investments).
According to Round Hill Capital, the partnership is one of the largest Pan-European student accommodation mandates in history.
Urban Developers will act as the developer and Hurks will act as the general contractor for this project. Loyens & Loeff, PWC and Sweco advised the purchaser on the deal. The seller was advised by BDO and Van Benthem & Keulen.
Commenting on the acquisition, Brian Welsh, Managing Director/Head of Student at Round Hill Capital, said: “This latest acquisition reinforces our position as one of the market leaders in the European student accommodation sector. We expect 2022 to see the sector return to pre-Covid delivery levels of student beds, and developments such as this will play a significant role in easing the pressure on housing stock across Europe’s major cities.
“This new development in Maastricht will help address the significant shortfall in student accommodation in the area, providing local and international students with high-quality facilities and services near one of the world’s top universities. We are confident that this new asset will make a valuable addition to our growing portfolio with CPP Investments, helping us to unlock further value with additional acquisitions in the years ahead.”
