Harrison Street Snags German Student Housing Portfolio
The company purchased 1,000 units in cities throughout the country from MPC Capital AG, which will continue to manage the STAYTOO-branded properties.
By IvyLee Rosario
One of the STAYTOO communities in the portfolio
Harrison Street Real Estate Capital has acquired a micro-living student housing portfolio comprising more than 1,000 units in German university cities.
The assets are located in Berlin, Bonn, Kaiserslautern, Leipzig and Nuremberg. STAYTOO Leipzig and STAYTOO Kaiserslautern opened in fall 2017, while the buildings in Nuremberg and Bonn have been open since the 2016/2017 academic year. Two locations in Berlin are planned to debut in 2018.
Within the terms of the joint venture between Harrison Street and MPC, the STAYTOO-branded apartments will continue to be managed by MPC’s Micro-Living team. The free cash proceeds from this sale will be reinvested into other developments in Germany.
“With this transaction we have successfully completed the development cycle of student housing in Germany,” said Roman Rocke, board member of MPC Capital AG. “We now plan to roll out the model in other markets as well.”
Rendering courtesy of MPC Capital AG
