Hines PBSA unit makes Milan debut, heralds Europe growth
Hines-owned student housing platform Aparto is launching in Italy with two new residences in Milan which are scheduled for delivery during 2022 and will have 1,280 beds.
The assets, the 16,339 sq m Aparto Milan Giovenale and 24,557 sq m Aparto Milan Ripamonti are a joint project between Hines and investment manager Blue Noble, through a regulated fund which targets student housing and serviced apartments investments in Italy and is managed by Savills Investment Management.
Aparto Milan Giovenale which is close to University of Bocconi, will provide 584 beds and amenities including a gym, yoga studio, cinema, a basketball court, study rooms and laundry facilities and will have a food and beverage offering also open to non-residents.
Aparto Milan Ripamonti will have 700 beds and is located near to Scalo Porta Romana, which is currently the subject of total urban redevelopment which will include the Olympic village for the Winter Olympic Games Milano Cortina 2026.
The building was acquired by a regulated fund managed by Prelios SGR. The facilities on offer include: rooftop terraces and outdoor spaces, a café and restaurant, a gym and yoga studio, a cinema and games room, parking and bike storage, alongside laundry facilities.
When completed, the two assets will be the first student accommodation buildings in Italy with LEED Gold certification.
Hines said that the arrival of Aparto in Italy is the first step in its plan or wide-scale openings. The brand has 13 student housing sites already operating in the UK and Ireland and is expanding into Spain with openings scheduled for 2022 and 2023 in Barcelona. Two further assets will open in Italy during 2025 in Milan’s Bovisa and Milano Sesto areas.
