On July 21, 2025, Australian investment group Macquarie Asset Management announced the acquisition of two European student housing operators — MILESTONE and BaseStack Living. Combined, the acquired companies manage a portfolio of over 12,000 beds across eight European countries. Financial terms of the deal were not disclosed. 

According to Reuters, the assets are located in Germany, Austria, the Netherlands, Poland, Italy, Spain, Portugal, and Denmark. The properties are designed for students and young professionals, offering long-term leases with fixed agreements and pre-agreed pricing. 

The merged company will be led by Justin Heimer, founder and current owner of BaseStack Living, who will continue overseeing the integration of operational processes and portfolio expansion in new locations. As part of its strategy, Macquarie plans to increase its presence in the sector and grow the number of managed properties in Europe’s largest university hubs. 

According to INREV data published in June 2025, institutional investor interest in student housing has significantly increased and now exceeds demand for traditional rental housing. Analysts attribute this trend to stable demand for education and a shortage of quality housing in university cities. 

Macquarie views the acquisition as part of its long-term strategy to strengthen its presence in alternative assets. The company is actively reallocating capital from public markets to private markets, including student housing, logistics, and digital infrastructure. 

According to Reuters, integrating the acquired operators will enable Macquarie to consolidate its position in the European student housing market, leveraging its existing network and operational capabilities for further growth. 

Comment from the Investment Division of M24 SunShine: 

Macquarie’s deal strengthens its position in the student housing market, but integrating two operators across eight European countries presents significant operational challenges. Differences in national regulatory environments, tax systems, and tenant demand could delay achieving synergies. Moreover, rapid growth in the student housing segment has already attracted numerous institutional investors, potentially leading to price overheating and margin compression.