Greystar, a global leader in the investment, development and management of rental housing, has announced its entry into the Italian market. Following the acquisition of its first development site, the company plans to build a new student hall of residence with 400 places in Bologna. Italy is thus the ninth European market in which Greystar operates.
With this market entry, Greystar is continuing its growth trajectory in Europe. The company has been steadily expanding its presence in the region since 2013. By the end of 2027, Greystar aims to build up a portfolio of at least 2,500 student accommodation places in Italy and establish itself as one of the country’s leading operators. Bologna marks the start of this venture. The company is exploring further investment opportunities in Milan, Rome, Florence and Turin.
Including Italy, Greystar’s European business comprises assets under management of more than 20 billion euros, over 93,600 rental flats and student accommodation units, and around 1,400 employees. As part of its European value-add strategy, Greystar has an investment capacity of more than €6.8 billion for the acquisition and development of rental residential properties, including student accommodation.
Rafael Fernández-Villaverde, Managing Director for Southern Europe at Greystar, says: “We have been looking at the Italian market for some time now and see attractive investment opportunities there. Italy has a large student population, a high level of mobility and a significant shortage of accommodation specifically designed for students. We see great potential in creating additional high-quality student accommodation, starting in Bologna.”
Our aim goes far beyond a single project. By the end of next year, we are aiming for at least 2,500 beds. What sets Greystar apart is that we not only invest in student accommodation, but also develop and operate it ourselves. We bring together capital, expertise and operational experience to build a successful platform. Housing is always shaped by local factors. That is why building the right team and forging strong local partnerships will be crucial to our growth.”
Greystar is currently putting together a local team to support its expansion in Italy and has entered into a strategic partnership with Redbrick. Together, the companies aim to identify new investment opportunities and drive projects forward. In addition, Greystar has established an Italian investment structure, with Savills Investment Management acting as fund manager.
Nicola De Martino, founder and managing partner of Redbrick, explains: “Together with my partner and co-founder Alexio Pasquazzo, as well as our managing director Giuseppe Scavolo, we look forward to building a leading platform for student accommodation in Italy with Greystar. By combining Greystar’s global expertise and investment strength with our team’s local market knowledge, networks and development experience, we can create high-quality student accommodation on a larger scale. Bologna is an important first step in a partnership that we are confident will be a success.”
Bologna is one of Italy’s most important university cities. Around 87,000 students are enrolled there, of whom approximately 55,000 come from other cities. This accounts for 63 per cent of all students and reflects both high levels of domestic mobility and international demand. Nevertheless, institutional student accommodation currently covers only around 5.4 per cent of the market. Even taking planned projects into account, this share is expected to rise to only around 10 per cent.
Greystar’s first Italian project is situated near Porta Mascarella in Bologna’s historic city centre, not far from the University of Bologna and other higher education institutions. The main university campus is about five minutes away by bike and around 13 minutes on foot.
A planning permission has already been granted for the project. The plans provide for 400 student accommodation places in standard and premium studios, as well as twin rooms. The communal areas include study and co-working spaces, a rooftop pool, a gym, lounges and communal areas, as well as retail and catering facilities. The development is aiming for BREEAM Excellent certification.
Construction work is set to begin immediately. Di Vincenzo Dino & C. S.p.A. (DVC) has been appointed as the main contractor. ING is providing a financing package totalling 45 million euros, comprising green construction finance and a VAT facility. The bank will act as lead arranger, lender, agent, green coordinator and hedging bank.
The Mascarella project is operated under the Canvas brand, Greystar’s established European housing concept for students and young professionals. Since its launch in 2021, Canvas has grown to 17,790 residential units across 44 locations in seven countries. The concept combines high-quality accommodation with study areas, social spaces and leisure facilities. On-site teams are responsible for the day-to-day running of the scheme and supporting the residents. Mascarella will be the first Canvas site in Italy.
Greystar manages more than 1.1 million flats and student accommodation units worldwide. As a specialist in rental residential property, the company combines investment, project development and property management on an integrated platform. In doing so, Greystar combines its international scale and experience with strong local teams and partnerships.
Greystar was advised on legal matters in connection with the transaction by Jones Day. Further support was provided by JLL, Deloitte and Studio Legale D’Ettorre. ING was advised on legal matters by DLA Piper.
