Insights > Deals
Aareal refinances Proprium's Milan student housing portfolio with a €172.7 million loan
6 October 2026 | Refinancing | Italy | c. 1,200 beds | Operational
The two Collegiate‑managed properties with approximately 1,200 beds qualify for green financing under the bank's Green Finance Framework.
Key details
Asset type | Operational |
Location | Milan, Italy |
Capacity | c. 1,200 beds |
Borrower | Proprium Capital Partners |
Lender | Aareal Bank |
Operator | Collegiate |
Adviser 1 | Chiomenti |
Adviser 2 | JLL |
Value | €172.7 million |
As part of a debt restructuring for Proprium Capital Partners, the €172.7 million transaction covers two premium PBSA assets situated close to major higher education institutions in Milan. Operated under the Collegiate brand and providing roughly 1,200 beds, the properties feature high‑end facilities such as dedicated study hubs, fitness centres, private cinemas, and social lounges.
Aareal Bank arranged the deal as arranger, facility agent, and security agent, with Chiomenti as legal counsel and JLL as property valuer.
Strategic context
This is Aareal's first financing for Proprium, establishing a new client relationship in the European operational real estate sector.
Proprium secures a tailored green refinancing for an established student‑housing portfolio rather than seeking funding for a new acquisition.
SUBSCRIBE TO STUDENT HOUSING INSIDER
Stay close to the student housing market
Subscribe to Student Housing Insider for a weekly update on student housing transactions, development pipeline, market trends and selected BONARD analysis.
Designed for investors, developers, operators, lenders and market participants tracking the student housing sector.