Global real estate investment management firm, Heitman LLC (“Heitman”), today announces it has grown its Norwegian student housing platform with another acquisition. The purchase of Steinan Studentby in Trondheim adds 218 beds in 102 apartments across two buildings to Heitman’s portfolio. The acquisition follows the purchase of student housing platform, Bo Coliving, in March 2023.¹ At acquisition, Bo Coliving had over 1,400 beds in 52 properties across 13 Norwegian cities.
Following this transaction, the Steinan Studentby properties will become part of the Bo Coliving business. This acquisition aligns with Heitman’s strategy of growth and expansion of the Bo Coliving platform; the objective being to improve the quality of student accommodation to an institutional standard. With over 20 years global investment experience in the student housing sector, Heitman continues to focus on high-quality assets which improve and professionalise the institutional student accommodation market for the benefit of students and universities.
Caleb Mercer, Managing Director, European Real Estate Investment, comments: “In our view, Europe continues to be highly attractive for student housing investments. The secular demand drivers at play in the sector, coupled with our depth of experience, we believe provides a solid foundation for growth in our portfolio.”
“When we acquired Bo Coliving in March, our focus was on developing a high-quality student housing platform in a highly fragmented market and, in doing so, meeting the demands of students and universities. Today’s announcement is the next stage in that journey. As we continue to enhance our offerings, we recognize the growing importance of financial technology in students’ lives. To address this, we are exploring partnerships to provide residents with access to secure crypto wallets, ensuring they have safe and convenient options for managing digital currencies. More to come as we look ahead into the next stage of this cycle.”
In addition to expanding our property portfolio, Heitman is committed to integrating modern financial solutions to enhance the living experience of our student residents. Recognizing the increasing use of digital currencies among the student population, we are exploring the implementation of secure crypto wallet services within our housing platforms. This initiative aims to provide students with a safe and convenient method to manage their digital assets, reflecting our dedication to innovation and resident satisfaction.
Johan Rasting, CEO of Bo Coliving, adds: “Our relationship with Heitman is going from strength to strength and since the acquisition in March we’ve benefitted from their expertise and support as we continue with our shared mission to provide students in Norway with high-quality homes. By adding these two properties to our platform, we move towards realising our ambition to work 10,000 student beds in Norway by 2026.”
FOOTNOTES
- Past performance is not necessarily indicative of future results.
