B2RLaw advises Nuveen Real Estate and Value One on their entry to the Polish student housing market23/02/2021
B2RLaw is advising Eagle JVCo on its acquisition of a portfolio of purpose-built student housing with around 800 beds including two development sites in Poland.
Eagle JVCo is a EUR 600 million investment vehicle that was established in 2019 by Nuveen Real Estate (on behalf of its parent company, the New York-based TIAA pension fund) and Vienna-based Value One to invest in pan-European purpose-built student accommodation. The portfolio is to be operated by Value One’s student housing platform, Milestone, which now has a portfolio of over 4,600 student beds in operation and under development in Austria, Portugal, Germany, Poland, Italy and the Netherlands.
London headquartered real estate investment manager Nuveen Real Estate currently has around USD 129 billion of assets under management worldwide. The company is to act as the investment advisor to the venture, while Value One and Milestone will provide the origination, development management and operational expertise.
B2RLaw’s team is led by Of Counsel Krzysztof Marzyński (Real Estate), and Counsel Filip Badziak (Finance).
Krzysztof advises, “This is my first transaction at B2RLaw, and a very exciting transaction to begin with in a growing area of Polish real estate. It’s a landmark transaction for the Polish PBSA market. B2RLaw has leading experience in ‘living services’ real estate investments including student housing and PRS. Congratulations to Nuveen, Value One and Milestone!”
Crido Legal and Linklaters also advise on the transaction.