The investment includes the takeover of 150 existing beds and two plots on which new MILESTONE houses are being developed.
Nuveen Real Estate and Value One founded a joint venture in 2019 to further advance the strategic direction of MILESTONE, as a leading provider of student housing, across Europe.
The latest expansion step takes place in Wroclaw, Poland, where an existing property was taken over and two properties were acquired. “Poland is an extremely attractive market for student housing and we are looking forward to developing the first locations in Poland together with our local partner Akron. With this acquisition we are continuing our international growth path and are now entering the fourth international market after Portugal, Germany and Italy, where we are already active, ”describes Sebastian Gruber, Managing Director of Value One Development International, the current transaction.
Direct market entry and new pipeline projects
By taking over 150 existing beds, MILESTONE succeeds in entering the Polish market directly. In this way, MILESTONE creates a good basis for developing further locations in Poland. “This acquisition gives us the opportunity to have an immediate operational presence in Poland and at the same time to advance the further roll-out of new projects in this market,” says Gary Clarke, CEO of MILESTONE.
The current acquisition is based on the collaboration between Value One and Nuveen Real Estate, a subsidiary of the TIAA Teachers Insurance and Annuity Association of America. “This latest acquisition in Poland is an important next step in the European real estate market as it represents the first residential investment. Poland is an excellent market with great potential in terms of student demographics and there is currently a shortage of quality purpose-built accommodation. We therefore believe that these assets will perform well when completed, ”says Marta Caldera de Codina, Managing Director of Nuveen Real Estate.
Nuveen Real Estate acts as investment advisor while Value One focuses on development management. MILESTONE, a subsidiary of Value One, will act as operator.
Eagle JVCo’s advisory team consisted of Akron Management, Savills, Crido Legal, B2RLaw, and Linklaters.
About MILESTONE, a Value One brand
Value One, based in Vienna, develops and operates extraordinary properties and city quarters that are fun. In the three business areas Development, Operations and Investments, more than 180 employees work to implement our visions. In the past 20 years, Value One has realized outstanding real estate worth around two billion euros. By 2024, more than 15,000 people will live and work in our properties.
The Vienna urban development area Viertel Zwei and our MILESTONE Student-Apartments brand throughout Europe are just two examples of the new standards that we are setting.
MILESTONE student apartments pursue an ALL-IN concept and combine fully furnished apartments with the highest design and quality standards as well as an international community. Since the opening of the first house, MILESTONE Vienna Prater, in 2013, a further 8 student residences have been opened in Portugal, Germany and Austria. With over 2,300 apartments in operation, MILESTONE is a student residence operator operating across Europe and is expanding in Europe.