European PBSA Investment Strategy
32 min
The institutionalisation of Purpose-Built Student Accommodation (PBSA) in Europe presents both opportunity and complexity, requiring sophisticated operational strategies and a long-term view to navigate diverse, rapidly evolving markets. With core capital currently scarce, investors must rethink exit strategies and avoid common value traps in development and short-term rent projections. This episode explores the DNA of a global operator, the hybrid model of building and buying PBSA platforms across Europe, and the crucial lessons learned from managing assets through a market cycle, including the challenges posed by the pandemic. The conversation drills down on asset bifurcation, underwriting assumptions, and the importance of local teams and systems in driving consistent value. António Dias is joined by Pedro Sousa from Brookfield Asset Management, an expert on the European PBSA market who has been a key player in fundamentally shaping how large-scale student housing portfolios are created and managed. THINGS WE SPOKE ABOUT Brookfield’s operator-led investment DNAHybrid PBSA platform growth strategyNavigating PBSA development risk trapsImportance of local teams and systemsExiting in the current market environment GUEST DETAILS Pedro Sousa is Senior Vice President, Real Estate Investments at Brookfield Asset Management, where he oversees Brookfield’s European transactions in student housing and living platforms, totalling around 50,000 beds. He has led major PBSA and residential acquisitions across Europe and is recognised as one of the key voices in institutionalising the sector across Europe. Pedro’s Public Contact Details: Company Website: https://bam.brookfield.com/Linkedin Profile: https://www.linkedin.com/in/correiasousa/ QUOTES We believe there is value in integrate and in vertical structures, where you are the capital, but you also have the know-how up to the nitty gritty of the operation. - Pedro Sousa If you are starting a platform, you need to invest in sy...
