Macquarie Asset Management Expands European PBSA Sector with Strategic Acquisitions
Macquarie Asset Management has entered the European Purpose-Built Student Accommodation (PBSA) market by acquiring and combining two specialist platforms, MILESTONE and BaseStack Living. This move aims to address the significant undersupply of suitable student accommodation and provide more affordable options.
Macquarie Asset ManagementPbsaStudent AccommodationReal EstateEuropeReal Estate NewsJul 21, 2025
The owner of BaseStack Living, Justin Hamer, will continue as a shareholder alongside Macquarie Asset Management and will be appointed as the Chief Executive Officer for the new group. Mr. Hamer is a seasoned leader and sector specialist, having co-founded Basecamp Student, which was sold as part of an approximately €1 billion transaction to Xior Student Housing NV in 2022.
Justin Hamer, the incoming Chief Executive Officer of the new combined platform, said, “This transaction comes at a time when the PBSA market in Europe is still at an early stage, yet experiencing strong growth and increased institutional investor participation. There is a fundamental and critical undersupply of suitable accommodation for students across all major European cities, with less than one bed per 10 full-time students. We are thrilled to partner with Macquarie Asset Management to both buy and build new purpose-built and professionally managed student housing to tackle this investment opportunity.”
Brendan Jones, Head of Real Estate in EMEA at Macquarie Asset Management, added, “This transaction marks a new chapter in our European real estate strategy. We are pleased to close the acquisition of the MILESTONE and BaseStack Living businesses and partner with their very experienced and capable management teams to realize our mutual growth ambitions. Combining these complementary businesses creates a solid cornerstone on which to build a sector-specialist platform that will own, develop, operate, and manage capital on behalf of its clients. Over time, we expect to scale the offering across major European markets, which will help to alleviate pressure on the residential rental market and provide more specialized and affordable housing options for students.”
This transaction is indicative of Macquarie Asset Management’s real estate investment strategy. The company currently has a network of 16 specialist operator investments globally, offering clients access to a differentiated approach and local market expertise by investing in and partnering with specialist operators to create opportunities in difficult-to-access sectors. This strategic move into the PBSA market underscores Macquarie Asset Management’s commitment to addressing the growing demand for quality student accommodation and contributing to the development of sustainable housing solutions across Europe.
Frequently Asked Questions
What is the Purpose-Built Student Accommodation (PBSA) sector?
The Purpose-Built Student Accommodation (PBSA) sector refers to properties specifically designed and built to provide accommodation for students. These facilities are typically managed professionally and offer a range of amenities and services tailored to the needs of students.
Which two platforms did Macquarie Asset Management acquire?
Macquarie Asset Management acquired and combined two specialist platforms: MILESTONE and BaseStack Living.
Who is Justin Hamer and what is his role in the new combined platform?
Justin Hamer is the owner of BaseStack Living and will remain as a shareholder alongside Macquarie Asset Management. He will be appointed as the Chief Executive Officer for the new combined platform.
What is the significance of the transaction for the PBSA market in Europe?
The transaction is significant as it addresses the critical undersupply of suitable student accommodation in major European cities. It also marks a new chapter in Macquarie Asset Management's European real estate strategy, aiming to provide more specialized and affordable housing options for students.
How many beds will the new combined platform manage across Europe?
The new combined platform will manage over 12,000 beds across eight countries in Europe, including Germany, Austria, Netherlands, Poland, Italy, Spain, Portugal, and Denmark.
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