GSA, the global leader in student housing, continues to implement its European growth strategy with the acquisition of the 515-bed Trentacoste development site in Milan. GSA’s market entry is the next step in executing its strong investment pipeline as the company builds scale across key Italian and European cities.
The strength of GSA’s global experience and expertise in developing and investing in purpose-built student accommodation (PBSA) has supported the underwriting and investment plan across Italy. With its strong European presence coupled with significant investment experience in the region, GSA is strategically positioned for growth.
PBSA in Italy is a nascent sector and there is a chronic shortage of suitable accommodation for students in the country. This creates challenges for students and for universities looking to grow their international student cohort while catering for domestic growing demand.
More students are choosing to study in Italy, driven by the country’s leading higher education institutions and vibrant culture, with 41 Italian universities featured in the QS world university rankings. Italian students are increasingly mobile, international student enrolments have grown by 6.9% over the last five years, while the provision rate for student accommodation remains stagnant at just 3%.
James Hunt, Global Head of Real Estate, said:
“I’m delighted to have extended our global footprint with entry into Italy. It’s an exciting market, with significant opportunity for GSA to deploy both our acquisition capabilities and development expertise, to create a market-leading portfolio across select cities.
“The supply-demand imbalance for PBSA seen across Italy is particularly acute in Milan, where eight international students compete for every PBSA bed. As the number of domestic and international students grows, we are well positioned to support the cities’ universities, delivering exceptionally designed, sustainable living spaces that enhance students’ higher education journey.”
Milan is home to over 200,000 students and the Trentacoste site is ideally located close to the dynamic student neighborhoods of Citta Studi and Lambrate to the east of the city center. It is just a short walk to the Leonardo campus of Italy’s largest university, Politecnico di Milano, and the University of Milan’s Citta Studi campus. The Trentacoste scheme will provide exceptional student-focused facilities including a café, gym, social and study spaces, a terrace, and large public piazza.
Trentacoste will be operated by Yugo, GSA’s global operating partner, who specialise in the student experience and supporting students through their education journey. Yugo will draw on its local expertise from existing teams on the ground to further enhance the design of the project and deliver an unrivalled offering meeting the evolving needs of students.
