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Tsh invests 500 million in Italy
Presented the 90 billion project located in the San Lorenzo neighbourhood in Rome. The group is also interested in Milan and the South
The Student Hotel is ready to invest in Italy 500 million. Yesterday the group presented the fourth project which will be developed in Rome, in the historic neighbourhood of San Lorenzo. To operate in the Capital, the Dutch company decided to collaborate with the group Cassa Depositi e Prestiti. The land (22 thousand Sq m) on which the new hotel will be built belongs indeed to the latter, precisely to Cdp Immobiliare. The hotel, like all the others built by the group, will unite the informality of a hostel to the beauty of a cosy and functional hotel, being addressed not only to students but to all types of guests, creating meeting points. The agreements between Cdp and The Student Hotel are not only a simple property sale. Cassa will play an active role in the Rome project, at least the initial phase. It will take care, for instance, of the paperwork needed to get the authorization for the start of the construction works (the deadline is two years). Only after then there will be the actual transfer of the property and the land to the Dutch group. For what concerns The Student Hotel, which among its shareholders there are the American Fund Aermont (those of Perella Weinberg) and the Dutch pension fund Abp (one of the biggest in the world), the capital invested in the Rome project amounts 90 million in total. To the sum we must add the 40 million already spent in Bologna and the 170 million that will be invested in two facilities that the group founded and led by the Scottish Charlie MacGregor (a shareholder of Tsh) has decided to open in Florence: one will be in the Del Sonno palace, the other in the ex Fiat offices, in Belfiore Boulevard. There are also other initiatives regarding Italy in the program. “We are interested in Milan, where we have already spot an area that might have potential, but we are also attracted by the South”, says MacGregor to MF-Milano Finanza. The alliance with Cassa Depositi e Prestiti, an experiment for Rome, might be repeated also for other projects, says the manager. Not only because Cdp owns several properties in Italy that may interest the group, but also because the relationship between the two partners, at least indirectly, doesn’t limit only to Rome. The American Fund Aermont (a shareholder of The Student House), together with Cassa Depositi e Prestiti, is indeed a shareholder of the ex-factory Tabacchi in Florence, this one too object of a redevelopment plan to transform it into a luxury student accommodation.
Regarding the International expansion of the group led by MacGregor, the growth plan concerns more or less the whole continent: the goal is to build 41 facilities by 2021, and by then the planned investments in Italy should be completed.