The Market Monitor Digest (week 09/2024)
It's our pleasure to be your go-to for the week’s key industry news. Thanks to the information collected by the BONARD Market Monitor team, you can now keep your finger on the industry pulse.
Student Housing & Co-Living
France, Nancy: Student accommodation: Crous Lorraine is working on the renovation of three residences in Nancy, with funding of €70 million
By Pascaline Marion, February 27, 2024
To “raise the quality of accommodation” for students, Crous Lorraine is preparing to upgrade three residences in Nancy, planning to commit €70 million as part of its PPI, specifies its general director Frédéric Léonard, on February 20, 2024.
Spain: Nuveen Grants €70 million Loan for Spanish Student Housing Refinance, Bolstering Green Assets
By Safak Costu, February 28, 2024
Nuveen Real Estate's strategic move to grant a €70 million loan to Amro Partners and Falco Capital marks a significant development in the European student housing sector. This financial maneuver aims to refinance four student housing assets located in Madrid, Valencia, Seville, and Pamplona, representing a total of 1,055 beds under the Amro Estudiantes brand.
UK, London: Green light for Metropolitan Workshop’s ‘ambitious’ 16-storey UEL campus
By Ian Weinfass, February 27, 2024
Metropolitan Workshop has won planning permission for a 650-bed student accommodation and learning space for the University of East London (UEL).
UK: Far East Orchard H2 net profit up four times on gains from student accommodation investments
By Zhao Yifan, February 28, 2024
The group said in a bourse filing: “The fair-value gains were mainly from the group’s purpose-built student accommodation (PBSA) portfolio in the UK, driven by a strong demand for beds from domestic and international students and a supply shortage across key UK university cities.”
Spain: RoundShield extends funding to Merkel for Spanish PBSA
By Isobel Lee, February 26, 2024
Roundshiel Partners has announced that it has extended a new senior secured cross-collateralized facility to Merkel Capital, an existing borrower, in order to continue funding the acquisition and development of purpose-built student accommodation (PBSA) assets in Spain.
BTR
Denmark, Copenhagen: CBRE IM picks up affordable rental housing porfolio in Denmark
By Isobel Lee, February 28, 2024
CBRE Investment Management, on behalf of a fund sponsored by the firm, has acquired a portfolio of two multi-family properties in Ballerup, Greater Copenhagen, Denmark. The portfolio is made up of 222 affordable units for middle-income households, as well as 77 garage spaces.
Germany, Berlin: Greystar buys 758-home scheme in Berlin from Bauwens
By Property Magazine International, February 27, 2024
Real estate investor, developer and manager Greystar Real Estate Partners, LLC has agreed to forward purchase the Greenpark residential development in Berlin-Neukölln for its develop-to-core venture in Germany and Austria. Greenpark comprises 758 studios in a mix of one- and two-bedroom apartments, with 1,452 sqm of indoor amenity space.
UK, Milton Keynes: Aviva Investors and Packaged Living acquire two more UK housing schemes
By Isobel Lee, February 27, 2024
Aviva Investors, the global asset management business of Aviva, and sustainable living specialist Packaged Living have acquired two additional SFH Build to Rent (BTR) developments, both in Milton Keynes, to develop 212 new homes.
Australia: $500 MLN raising to turn unloved hotels, offices into rental housing
By Larry Schlesinger, February 28, 2024
Pro-invest Group has kicked off a $500 MLN equity raising to fund plans to convert older hotels and office buildings into potentially a $1 BLN portfolio of co-living rental apartments and key working housing.
Senior Living
Canada, Shawinigan: Innovative partnership to rapidly build 1,000 social and affordable housing units to accommodate independent older people
Author unknown, February 26, 2024
The governments of Canada and Quebec today announced an innovative partnership with Mission Unitaînés to build 1,000 new social and affordable housing units for independent seniors over the next 2 years. As part of an investment of approximately $235 million by two levels of government, 10 buildings with 100 residential units will be built in 10 cities in Quebec.
France, Lorient: Residence for seniors to open in June 2024 in Lorient: 98 apartments available
By Guillaume Chassaing, February 27, 2024
The residence for autonomous or semi-autonomous elderly people will open its doors in June 2024 on Boulevard Cosmao-Dumanoir in Lorient and will have 98 apartments ranging from studios to T3.
Spain Barcelona: The keys to 85 public homes for the elderly in Trinitat Vella are being handed over
Author unknown, February 25, 2024
The apartments are part of the promotion of the Municipal Institute for Housing and Rehabilitation in Barcelona. It is the 26th public housing complex for seniors in the city. If we add the four projects that are already under construction, there will be 2,000 houses of these characteristics after the work is completed. There are currently 1,566 of them.
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