Basecamp Group has sold a student housing portfolio to Xior for €939m. The portfolio includes 5,341 units in 11 newly built assets in top-tier student cities in Germany, Poland, Denmark, and Sweden. Of these, eight are fully operational, including one residential scheme, and three are in development.
The assets included in the sale will continue to be operated under the Basecamp brand and comprise:
• Potsdam, Germany (263 units/beds)
• Leipzig, Germany (385 units / 412 beds)
• Lodz I, Poland (487 units / 624 beds)
• Lodz II, Poland (631 beds)
• Katowice, Poland (733 beds)
• Copenhagen South Campus, Denmark (350 beds)
• Lyngby Student, Denmark (639 beds)
• Lyngby Residential, Denmark (147 one- to three-bedroom apartments)
• Aarhus, Denmark (663 beds) – in development
• Malmo, Sweden (583 beds) – in development
• Aachen Bluegate, Germany (460 beds) – in development
This transaction is part of Basecamp’s proactive investment strategy to acquire, develop, and operate high-quality student accommodation to the benefit of maximising Basecamp's investor returns. Besides the acquired portfolio, ESHF II has seven projects under development.
Justin Hamer, Chief Executive of Basecamp Group, said: “Since its inception in 2014, Basecamp has been focused on building and developing smart student living spaces with vibrant communities, located close to city centers and universities. “The sale of this multi-jurisdictional portfolio delivers against one of our key strategic priorities. We create strong income-producing real estate portfolios through developing high-quality student accommodation in undersupplied locations. We've invested heavily in our sales, marketing and operations teams and that is paying dividends with rents that are generally at a 25% premium to the local market.”
Armon Bar-Tur, Executive Chairman of Basecamp Group, added: “Bringing Basecamp and Xior together marks the start of an exciting new chapter in the European PBSA market. Our teams are delighted to partner and execute our shared vision for delivering inspiring and life-enriching student accommodation.”
Christian Teunissen, Chief Executive of Xior Student Housing, said: “Xior and Basecamp have complementary portfolios and expertise: attractive, high-quality assets, great operational teams and focus on customer experience. Basecamp is also situated in countries and cities where Xior is not active yet and by joining forces we will become the number one PBSA owner and operator in continental Europe. I am confident that the combined expertise of our teams will help bring our businesses to the next level.”
