This new joint venture will look to invest in prime locations, close to universities, transport and services, developing high quality products. Jasper Gilbey, director at Nuveen, comments that «this new platform is consistent with Nuveen’s strategy to increase its exposure, through a strategic partnership with a top promotor and operator», quotes Property Magazine.
In this partnership, Nuveen will act as investment advisor, and Value One and its subsidiary Milestone will act in development management and the operation.
Regiie Noel, Senior Portfolio Manager at Nuveen, says that «student accommodation is one of the best investment opportunities in Europe right now. This investment will target cities which have lack of product, in particular specialized product. Creating high quality product managed for the clients, we can meet the students’ accommodation needs and achieve attractive returns for our investors».
Andreas Köttl, Value One’s CEO, notes that «our new partnership with Nuveen is a great opportunity to join efforts in this rapidly growing market. We want to contribute with our experience in operating and developing». Gary Clarke, Milestone’s CEO, believes that «with Milestone’s experience in achieving presence and scale in the PBSA (purpose-built student accommodations) segment, we hope to expand our activity to new markets».