The portfolio consists of 5,341 rooms in 11 newly developed properties (eight already being in use, three under development). All properties are located in student cities in Germany, Poland, Denmark and Sweden. Basecamp is a developer and manager specializing in student housing.
Besides the acquired portfolio, ESHF II has seven projects under development.
For Xior, the purchase equals an increase in the total fair value of the portfolio to €3.7 billion (up 32 pct). The company's assets now include 26,526 rooms in 43 university cities in eight countries, serving a target market of 8.5 million students.
The assets included in the sale will continue to be operated under the Basecamp brand and comprise:
• Potsdam, Germany (263 units/beds)
• Leipzig, Germany (385 units / 412 beds)
• Łódź I, Poland (487 units / 624 beds)
• Łódź II, Poland (631 beds)
• Katowice, Poland (733 beds)
• Copenhagen South Campus, Denmark (350 beds)
• Lyngby Student, Denmark (639 beds)
• Lyngby Residential, Denmark (147 one- to three-bedroom apartments)
• Aarhus, Denmark (663 beds) – in development
• Malmö, Sweden (583 beds) – in development
• Aachen Bluegate, Germany (460 beds) – in development
The transaction will create value for all shareholders of the pro forma group and will be earnings accretive as of the first year (including the approx. €252 capital increase).
The purchase will be financed with approx. €252 million of equity, approx. €85 million of existing debt and about €301 million of new financing. Three investments that are still under development are expected to be finished for approximately €121 million.
