Cain Enters Italian PBSA with Rome Debut

10 June, London –

– Cain, the global real estate investment manager, has today marked the next phase of growth for its pan-European PBSA platform by entering the Italian market. The expansion comes through a joint venture with Global Student Accommodation (“GSA”) to deliver a 561-bed highly amenitised scheme in Rome.

The Rome partnership advances Cain’s ambition of delivering 10,000 beds across major European university cities over the next five years, particularly in Italy, building on an existing portfolio of approximately €1 billion in gross development value.

The firm’s current portfolio comprises c.3,000 beds across the UK’s Russell Group university cities, including Bristol, Leeds, Manchester, Liverpool, Nottingham and York, of which three schemes completed last year.

Located in Rome’s Prenestino district, the site will benefit from connectivity to Sapienza University, Italy’s leading academic institution as well as LUISS University and Università UniCamillus in under 30 minutes. The development forms part of a wider mixed-use masterplan, incorporating residential, retail and commercial space alongside landscaped public areas and civic amenities.

Designed around accessibility, sustainability and shared community spaces, Prenestino has been developed to meet the highest standards of modern student living with a variety of room types and market-leading amenities including a swimming pool, gym, concierge and cinema. The development is targeting top tier ESG metrics including LEED certification and CRREM alignment.

Completion is scheduled for the 2028/29 academic year.

Arvi Luoma, Chief Investment Officer at Cain, said:

“The living sectors are among the defining themes of European real estate over the next decade, and one of Cain’s areas of greatest conviction. Across the continent’s leading university cities, demand for high-quality student accommodation continues to outstrip supply, while a new generation is placing greater expectations on how and where they live throughout their educational journey. Entering Italy with a partner of GSA’s calibre allows us to bring complementary expertise to one of Europe’s most attractive markets and to continue scaling a platform with a track record across the region.”

Oliver Cummings, Head of PBSA at Cain, added:

“Italy is one of the most undersupplied student housing markets in Europe, with around two million students nationally, but only approximately 85,000 PBSA beds. In Rome, PBSA penetration remains particularly low at around 4%, despite continued demand from both domestic and international students. Prenestino represents an opportunity to deliver a high-quality scheme in a well-connected location, alongside a partner with deep international operational and development expertise in the sector”.

Rob Waterhouse, Transaction Director at GSA, said:

“Prenestino aligns with GSA’s development-led growth strategy in Italy, combining our international PBSA experience with local expertise to deliver purpose-built, accessible homes for students. As part of a wider regeneration masterplan, the project reflects GSA’s commitment to developing institutional-grade assets that generate long-term social and economic value. We’re pleased to partner with Cain, who share our belief in PBSA as a resilient sector supported by long-term structural demand across Europe.”

With building permits secured and all environmental and archaeological assessments cleared, Impreme S.p.A. has been appointed as construction contractor.

Upon completion, the scheme will be operated by Yugo, GSA’s global operating partner, which already operates across Italy’s key university cities.

GSA were advised by Savills, Eversheds and Chiomenti. Cain were advised by JLL, Gleeds and Ashurst.