GREYKITE European Real Estate Fund (the "Fund") has agree the acquisition of an 8,000 sqm vacant hotel in Munich, which will seed a newly formed €250 million purpose-built student accommodation ("PBSA") strategy, in joint venture with Equilibria Group (the "JV").
The property being acquired from owner and operator NH Hotels is strategically located in the Southern part of Munich, with several of the city’s top-ranked universities easily accessible via public transport. The JV plans to undertake a comprehensive repositioning programme, converting the property into a modern PBSA asset with approximately 190 rooms for the academic year 2026/27.
The JV is targeting more than €250 million of investment into the high-growth, supply-constrained German PBSA sector, alongside Equilibria Group, which has more than 30 years of development and hotel conversion experience across Europe.
The transaction marks the launch of the Fund’s fourth investment strategy and first in the PBSA sector, following the formal launch of GREYKITE in March this year. GREYKITE specialises in real estate and corporate investments across a series of asset classes with durable fundamentals in select European markets.
Source: Press release sent on 03/12/2024.