Jun 2026
Invel Real Estate enters Italian PBSA sector with initial €18 million investment in Stonehill developments in Milan and Padua
Milan, 15 June 2026 – Invel Real Estate, a leading player in the real estate private equity market, has made an initial investment of €18 million to support the development by Stonehill International Group of two purpose-built student accommodation (“PBSA”) assets in Milan and Padua.
The investment, which represents the first step of Invel and Stonehill’s partnership, will support the development of approximately 1,100 beds across two strategically located sites, at Via Lambruschini in Milan’s Bovisa district and Via Valeri in Padua, both situated adjacent to major university campuses. Upon completion, the assets are expected to target LEED Gold certification, reflecting the partners’ shared commitment to sustainability and high-quality development standards.
The transaction marks Invel’s entry into the Italian PBSA sector, one of the most structurally undersupplied segments of the European real estate market. Italy hosts approximately 2 million university students, yet purpose-built student accommodation penetration remains below 5% nationally, significantly lower than the 20–30% levels observed in more mature European markets. In Milan and Padua specifically, demand for PBSA beds is estimated to exceed existing supply by three to four times, underpinned by strong enrolment growth and increasing number of international students.
The investment provides Invel with an initial foothold in two strategically attractive development sites and reinforces the firm’s strategic focus on alternative living sectors in Italian key gateway cities. Stonehill, active in Italy since 2017, brings a proven track record of delivering and disposing PBSA assets to institutional investors, with approximately 2,100 beds successfully completed to date in Europe.
Gabriele Magotti, Chief Investment Officer, Invel Real Estate, said:
“This transaction marks an important step as we continue to expand our platform across the living sector, where we see some of the most compelling structural opportunities today. The imbalance between supply and demand for modern, purpose-built student accommodation remains a defining theme in European real estate, and Italy, with its vast student population, rising international enrolment and chronically undersupplied market, stands out as particularly attractive. We are pleased to partner with Stonehill, a developer with deep sector expertise and a strong delivery track record in Italy, to support the development of these two assets in Milan and Padua. We look forward to working together as both projects progress through their development phases.”
Matthew Cartisser, Chief Executive Officer, Stonehill International Group, said:
“We are very satisfied of having secured the financial support of Invel to assist with the rollout of our Italian PBSA development programme. The Milan and Padua projects will be amongst the best located student residences in two of Italy’s leading university cities. We have been very pleased to work with Invel so far and in particular their Milan based team, which brings with it impressive depth and experience in the Italian real estate market.”
