Global real estate investment management firm Heitman has expanded its Norwegian student housing footprint with the purchase of Steinan Studentby in Trondheim.
The company added 218 beds in 102 apartments across two buildings to its portfolio.
The acquisition follows the purchase of student housing platform, Bo Coliving, in March 2023. At acquisition, Bo Coliving had over 1,400 beds in 52 properties across 13 Norwegian cities.
Following this transaction, the Steinan Studentby properties will become part of the Bo Coliving business. This acquisition aligns with Heitman’s strategy of growth and expansion of the Bo Coliving platform; the objective being to improve the quality of student accommodation to an institutional standard.
Caleb Mercer, Managing Director, European Real Estate Investment, comments: “In our view, Europe continues to be highly attractive for student housing investments. The secular demand drivers at play in the sector, coupled with our depth of experience, we believe provides a solid foundation for growth in our portfolio.”
“When we acquired Bo Coliving in March our focus was on developing a high-quality student housing platform in a highly fragmented market and, in doing so, meet the demands of students and universities. Today’s announcement is the next stage in that journey. More to come as we look ahead into the next stage of this cycle.”
Johan Rasting, CEO of Bo Coliving, adds: “Our relationship with Heitman is going from strength to strength and since the acquisition in March we’ve benefitted from their expertise and support as we continue with our shared mission to provide students in Norway with high-quality homes. By adding these two properties to our platform, we move towards realising our ambition to work 10,000 student beds in Norway by 2026.”
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