In Italy the number of university students is stationary (there are 1.69 million students, up 1% between 2016 and 2017), but the problem of housing and beds has remained unsolved for years. To give a picture of the sector the conference that was held yesterday and that was organized by Cdv conference.
To date, rebuilds Nomisma, In Italy the housing offer aimed at university students includes the residences of regional bodies for the right to study (Dsu), the beds managed directly by the universities and the beds managed by the state colleges and non-state colleges legally recognized. “An offer strongly in defect of the housing needs of non-resident registered students” says Marco Leone of Nomisma. Meanwhile, investment volumes in Student housing in Europe are rising and from 2007 to 2017 the value has risen from 720 million euros to the current 7.345 million (the peak occurred in 2015 with 8.496 million euros), while a compression of gross yield (gross yields) which rose from 6.3% to 4.7% in the period 2013-2017. The segment therefore becomes an asset class of investment, in Italy only at the dawn. “The sector takes its first steps – says Alberto Sidro of Fabrica Sgr -.
In Italy, if an investor wants to buy an income student, he would not find any offer on the market yet ». In our country it is estimated that there is a total of 75,000 beds to reach the European average. To adjust the offer, investments of over four billion euros would be needed. Here are the first operations. Above all by international operators. The main cities of interest for investors are Milan, Bologna and Venice. Among the secondary cities Genoa, Verona and Pisa and, in the south, Naples, Catania and Palermo. The Student Hotel has arrived in Italy among the first and is already realizing four structures in Bologna, Rome and two in Florence (for a total of over 1,800 rooms) for a total planned investment of over 250 million. The American group Hines has already started work for two facilities in Milan, in the Bocconi area, and in Florence and wants to invest 500 million euros in the sector over the next two years. «The student residences will constitute, in the near future, an important element of development of the real estate sector – say by Nomisma -. This is a topic of great importance for the competition and attractiveness of both the universities and the cities in which they are located “.
The new projects will also trigger a virtuous process in the rental market sector for students who often find themselves paying high figures and in any case not related to the quality of the housing where they live. According to Nomisma data, about half of the residences have a capacity of between 30 and 100 beds, while 18% have 100-200 accommodations. Only 11% have more than 200 beds. Among the latter, the first places include the Campus X Tor Vergata (1,500 lodgings), the Studentato San Bartolomeo of the Opera of Trento (830 lodgings), the Campus Praticelli of Pisa (816 lodgings), the residential University of Calabria (almost 3,000 beds). As regards the asset class of alternative real estate investments, Fabrica Sgr has a portfolio of 4,500 beds for university students through the Aristotele and Erasmo funds. “Our model of student housing is in social housing mode,” says Sidro.
Our initiatives are located in Turin, where we have 540 seats in the Campus Sannpaolo, in Venice and Padua with over 600 seats, in the Studentello building in Bologna, where we also have a low cost hostel (35 euros per night) ». In the Fabrica sector, it has invested up to 200 million euros today. “The Campus X Tor Vergata was our first initiative and is today one of the biggest in Europe,” says Cyrus. Fabrica also has a Campus X in Chieti and Bari. But what are the returns for an investor who approaches the sector? Typically, you travel around 4.5% for a monthly rental cost of 400 euros per bed. It is interesting to note that management fees exceed one thousand euros per student. There are still very few companies managing these structures operating in Italy.