Under KKR’s ownership, the assets have been delivered to meet growing demand for high-quality student accommodation
LONDON & AMSTERDAM–(BUSINESS WIRE)–Leading global investment firm KKR today announces it has sold two major student housing developments in the Netherlands for €190m. Xior Student Housing NV acquired the Zernike Tower, c.700 units in Groningen, and Greystar Real Estate Partners LLC acquired c.680 student accommodation units in Utrecht. Earlier this year in May, in a separate transaction, KKR sold the residential buildings in Utrecht, comprising 173 units, to GIC and Orange Capital Partners.
KKR acquired the sites in 2018 to help meet the growing demand for high-quality affordable accommodation for students and young professionals across Europe. Under KKR’s ownership, the sites have been delivered to meet the rapidly growing demand for student accommodation in two of the largest student cities in the Netherlands.
The 23-story Zernike Tower in Groningen recently opened in August this year and achieved full occupancy shortly thereafter, offering 698 fully furnished independent studios. It is strategically located, close to the city centre and the Zernike student campus of Groningen, one of the top 4 student cities in the Netherlands, with a high percentage of international students. The student accommodation complex in Utrecht comprises a total of 682 units split between a newly constructed 24-storey building (463 units) and a refurbished former hospital wing of nine storeys (219 units) that were completed in October 2020, located in close proximity to Utrecht University and the city centre.
Seb D’Avanzo, Managing Director in European Real Estate at KKR, said: “With these investments, we have helped address the growing demand for quality and well-located affordable accommodation in the Netherlands that also contribute to the local community and economy. We see the Netherlands as an important real estate market and will continue to look for opportunities to invest in delivering quality assets to benefit from the continued pipeline of demand. We wish Xior Housing NV and Greystar every success with the acquisitions in Groningen and Utrecht.”
KKR will continue to assess further investment opportunities in the Netherlands and invest through multiple strategies including acquiring existing assets, developing new purpose-built student accommodation, forward funding and repositioning assets across select university towns and cities across Europe.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. To learn more, visit www.greystar.com.
About Xior Student Housing
Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specialising in the student housing segment in Belgium, the Netherlands, Spain and Portugal. Within this property segment, Xior Student Housing offers a variety of accommodation, ranging from rooms with shared facilities to en-suite rooms and fully equipped studios. More information is available at www.xior.be.
Alastair Elwen / Alice Neave
+44 (0)20 7251 3801
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