In cooperation with Pegasus Capital Partners, Stonehill Holdings is developing a 633 room student residence at Dresdner Strasse 107, located in Vienna’s 20th District.
The residence with its 26,000 m² gross and seven floors will be the first actively managed, privately designed and developed student residence in Austria with on-site management providing a full service cover.
With close to 200,000 students, Vienna has the largest student population in the German-speaking world ahead of Berlin with approximately 150,000. CRM, the UK’s largest independent manager of student accommodation, responsible for approximately 20,000 student apartments, will manage the new residence in its first venture outside the UK.
The new residence will be focused on two atria with extensive communal facilities on the ground floor, as well as common rooms on each residential floor.
Construction started in January and is due to be completed ahead of the September 2017 academic year. The building contract has been awarded to the Linz based construction company HABAU.
Senior debt is being provided by Raiffeisenlandesbank Oberösterreich. Stonehill was represented by Eversheds Vienna and Rödl & Partner advised Pegasus.
