TIAA subsidiary Nuveen Real Estate and property developer Value One launched a €600 million joint venture that will invest in purpose-built student accommodation assets across Europe.
The vehicle will have a seed portfolio of three assets, including two developments in Lisbon and Porto, Portugal, and one standing investment in Vienna.
Nuveen Real Estate, which is largely backing the venture, will serve as its investment adviser, while Value One and its Milestone unit will offer origination, development management and operational expertise.
The venture will mainly look to develop purpose-built accommodation, while also evaluating repositioning opportunities and standing investments on a case-by-case basis.
Nuveen Real Estate's advisers were Linklaters, Cushman & Wakefield and CBRE, while Value One was advised by Savills, Addleshaw Goddard, CHSH, MLGTS and PWC.