23:33 2 August 2021
CBRE advised Probuild on sale of the project for student dormitories
Nuveen Real Estate and Value One's European housing company, Eagle JVCo, have purchased a residence hall with approximately 150 student places from Probuild subsidiaries, along with an extension permit to double the number of places. The building, put into use in 2019, is located at ul. Prusa 9 in Wrocław. The company also sold an undeveloped property allowing for the implementation of a project with approx. 500 beds, also located in Wrocław, in the vicinity of the campus of the WSB University. The CBRE housing and alternative investment team advised on the transaction.
"The first completed stage of the Probuild project at Prusa 9, under the LAS (Living & Studying) brand, reached almost 100 percent of occupancy already in the first semester of operation and maintained a similar level also despite the circumstances resulting from the Covid-19 pandemic. the project became the subject of interest of professional entities looking for a ready object that could be attached to their existing portfolio," Jacek Trybusz, President of the Probuild Management Board, said.
The purchase of the project from Probuild is the first residential investment on the Polish market for both Nuveen Real Estate and Value One, Eagle JVCo. The wallet will be hosted by Milestone, Value One's student housing platform.
(WBJ)
