Macquarie Asset Management has signed an agreement to acquire and combine two specialist platforms—Milestone and BaseStack Living—as part of its entry into the European purpose-built student accommodation (PBSA) market.
The combined platform will manage over 12,000 beds across eight countries, including Germany, Austria, the Netherlands, Poland, Italy, Spain, Portugal and Denmark. With integrated development and operational capabilities across these markets, the new group will focus on further expansion in response to growing demand for student housing across Europe.
Justin Hamer, the owner of BaseStack Living, will remain a shareholder and has been appointed Chief Executive Officer of the new entity. Hamer previously co-founded Basecamp Student, which was sold to Xior Student Housing in a €1 billion transaction in 2022. “This transaction comes at a time when the PBSA market in Europe is still at an early stage, while experiencing strong growth and increased institutional investor participation,” said Hamer. “There is a fundamental undersupply of suitable accommodation for students in major European cities, with less than one bed per 10 full-time students. We’re partnering with Macquarie Asset Management to help address this opportunity through new, purpose-built and professionally managed housing.”
Brendan Jones, Head of Real Estate in EMEA at Macquarie Asset Management, added: “Combining these two complementary businesses creates a strong foundation for 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 to support more affordable and specialised housing options for students.”
The move reflects Macquarie Asset Management’s real estate strategy of investing in and partnering with specialist operators. The firm currently holds 16 such investments globally, targeting sectors with high barriers to entry and local growth potential.
