Macquarie Asset Management has expanded its operations in the European Purpose-Built Student Accommodation (PBSA) sector by signing an agreement to acquire and combine two specialist platforms, MILESTONE and BaseStack Living. The merger aims to create a vertically integrated PBSA platform that will manage over 12,000 beds across eight countries, including Germany, Austria, Netherlands, Poland, Italy, Spain, Portugal, and Denmark.
Justin Hamer, owner of BaseStack Living, will continue as a shareholder alongside Macquarie Asset Management and assume the role of Chief Executive Officer for the new group. Hamer previously co-founded Basecamp Student and was involved in its sale to Xior Student Housing NV in 2022.
Hamer stated: “This transaction comes at a time when the PBSA market in Europe is still at an early stage, while experiencing strong growth and increased institutional investor participation. There is a fundamental and critical undersupply of suitable accommodation for students across all major European cities with less than one bed per 10 full-time students. We are thrilled to partner with Macquarie Asset Management to both buy and build new purpose-built and professionally managed student housing to tackle this investment opportunity.”
Brendan Jones, Head of Real Estate in EMEA at Macquarie Asset Management said: “This transaction marks a new chapter in our European real estate strategy. We are pleased to close the acquisition of the MILESTONE and BaseStack Living businesses and partner with their very experienced and capable management teams to realise our mutual growth ambitions. Combining these complementary businesses creates a solid cornerstone on which to build a sector-specialist platform that will own, develop, operate and manage capital on behalf of its clients. Over time we expect to scale the offering across major European markets, which will help to alleviate pressure on the residential rental market and provide more specialised and affordable housing options for students.”
The transaction reflects Macquarie Asset Management’s real estate investment strategy through its network of 16 specialist operator investments globally.
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