Harrison Street Real Estate Capital LLC has agreed to acquire a portfolio of six student housing properties in Germany from MPC Capital AG. No financial terms were disclosed. The portfolio consists of more than 1,000 beds and will serve university students in Berlin, Bonn, Kaiserslautern, Leipzig and Nuremberg.
CHICAGO – January 4, 2017 – Harrison Street Real Estate Capital LLC, (“Harrison Street”), one of the largest real estate investment firms dedicated to the education, healthcare and storage sectors, today announced that it has entered into a definitive agreement to acquire a portfolio of six student housing properties in Germany from MPC Capital AG, a best-in-class Germany-based developer and operator of student accommodations. Harrison Street and MPC Capital will enter into a strategic joint venture partnership to invest in the portfolio and to invest in student accommodation going forward.
The portfolio consists of more than 1,000 beds and will serve university students in Berlin, Bonn, Kaiserslautern, Leipzig and Nuremberg.
Under the terms of the Joint Venture, the properties will continue to be managed under MPC Capital’s STAYTOO brand and existing property management teams. MPC has identified a strong pipeline of potential additional properties to be acquired by the JV, which will also be managed under the STAYTOO brand.
Christopher Merrill, co-Founder, President and Chief Executive Officer of Harrison Street said, “We are excited to be expanding our European presence and to further Harrison Street’s commitment to providing high-quality student housing options. MPC is a leading developer and operator of student housing assets in Germany, and we are pleased to be partnering with them as we continue to capitalize on attractive investment opportunities that best serve our partners and investors.”
Robert Mathias, Senior Managing Director and Head of International at Harrison Street, added, “Germany has Europe’s largest student population and a supply-constrained student accommodation market, which coupled with strong demand and enrollment growth presents an attractive opportunity. The properties in the portfolio are ideally located in five established university cities. We look forward to working closely with MPC and bringing our deep expertise in student housing to strategically build the portfolio across the continent.”
Harrison Street is one of the largest owners of student housing in the United States and Europe. Germany is the fourth European market that Harrison Street has successfully penetrated since opening its London office in 2015. Harrison Street’s European student housing portfolio comprises more than 6,500 beds in ownership or under construction across Ireland, France, Germany and the United Kingdom.
About Harrison Street Real Estate
Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment products across multiple risk/return strategies. Headquartered in Chicago with an office in London, the firm has 115 employees and has approximately $12.8 billion in assets under management. For more information, please visit www.harrisonst.com.
About MPC Capital AG
MPC Capital AG is an internationally active asset and investment manager specializing in real asset investments. Together with its subsidiaries, the company develops and manages investment products for international institutional investors, family offices and professional investors. Its focus is on the asset categories Real Estate, Shipping and Infrastructure. MPC Capital AG has been quoted on the stock exchange since 2000 and has around 250 employees group-wide.