KKR teams with Round Hill for student housing debut
Investor KKR has formed a partnership with Round Hill Capital to target the student accommodation sector and seeded the joint venture with the acquisition of a 7 acre site in the Netherlands.
KKR and Round Hill, along with their partners on this acquisition, Stadium Capital Partners, plan to build two towers for 577 purpose-built student accommodation (PBSA) beds at the site in Utrecht by converting the dilapidated Oudenrijn hospital building and developing a new 23-storey building. In addition, 173 residential apartments will be built on the site targeted at young professionals as well as commercial space and dedicated amenities and common areas for the students.
On completion, the PBSA will be managed by The Nido Collection, Round Hill’s student accommodation specialist brand. The deal marks the first investment in European student housing for KKR which has pledged to use resources from its recently closed $739m Real Estate European Partners Fund to further invest in the sector …