Livensa Living, the student housing platform of Iberian developer-investor Temprano Capital, has secured its first asset in Italy with the acquisition of an office building in Bologna’s historic centre for an undisclosed amount.
The property is scheduled to open by 2025 following a comprehensive renovation of the existing building of 17,500 m2.
The new student residence will be operated under the Livensa Living brand and will provide more than 520 rooms in addition to extensive communal areas and amenities.
Temprano Capital partnered with Milan based BCN Capital on the deal.
Livensa Living´s entry into Italy represents a milestone in one of Europe’s most historic university cities with over 80,000 students and strong supply-demand imbalance market fundamentals.
Neil Jones, co-founder of Temprano Capital and Livensa Living, believes that in Italy, in addition to strong demand, there is a structural lack of PBSA supply. ‘Entering Italy is a natural next step for Livensa following the consolidation of our positions in Spain and Portugal. There is huge potential for PBSA and we will partner with BCN Partners, with whom we have a long-standing relationship, to grow the portfolio in Italy.’
This new property adds to the existing 18 operational Livensa Living assets across Spain and Portugal.
Irene Pfeiffer, investment director at Temprano Capital added: ‘This acquisition represents an important milestone for our expansion into Italy. The strategically located asset in Bologna’s city centre marks the first step in establishing a a scalable Italian platform in key Tier 1 and Tier 2 cities.’