Insights > Deals
Aareal refinances Proprium's Milan student portfolio with €172.7 million loan
6 October 2026 | Refinancing | Italy | c. 1,200 beds | Operational
The two Collegiate‑managed properties with 1,200 bedsqualify 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 |
Providing 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. Operating under the Collegiate brand with roughly 1,200 beds, the properties feature high‑end facilities such as dedicated study hubs, fitness centers, private cinemas, and social lounges.
Aareal Bank spearheaded the deal as arranger, facility agent, and security agent, supported by 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 European operational real estate.
Proprium secures a tailored green refinancing for an established student‑housing portfolio rather than funding a new acquisition.
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