‹ News & Insights
Company News · September 2026

Stonehill reports >99% occupancy across its historic schemes

Across Vienna Dresdnerstrasse 107 and 109, Bologna and Turin — 1,900+ rooms delivered since 2017 — reported occupancy has exceeded 99% for every completed academic year, underlining the depth of demand for well-located, institutional-grade PBSA in central and southern European university cities.

Source: Stonehill
Bologna — Laude Living

Stonehill’s historic development portfolio has reported occupancy in excess of 99% in the three historic markets that it has operated in.

The four residences spread across Turin, Bologna and Vienna, which comprise more than 1,900 rooms, are each operated by specialist operational management partners including International Campus (THE FIZZ), iLive (Rioca) and Yugo.

The occupancy rates underscore the significant undersupply and demand for well located, institutional grade purpose built student accommodation across the Italian and Austrian markets.

All four of the assets developed by Stonehill have been acquired by long term institutional investors — Allianz, AEW, Ardian/Rockfield and PATRIZIA — with the transaction volume across these four deals surpassing €260m.

A further development pipeline of 1,364 rooms across Milan, Padua and Passau is underway, with expected delivery in time for the 2028/29 academic year.

In context — market sources
Beyoo Taurasia Living, Turin — 100% occupancy

Yugo confirms 100% occupancy at the Turin residence ahead of schedule for the second consecutive year; reposted by Pierluigi Scialanga (PATRIZIA) with Mauro Scolamiero’s original announcement.

PATRIZIA on European student housing

Interview with Pierluigi Scialanga on European student housing, Italy’s supply shortage and PATRIZIA’s investment priorities (Pambianco, 29 July 2025), with an English summary on PATRIZIA’s LinkedIn.

THE FIZZ — 99% occupancy, 100% in Austria

International Campus reports a record letting cycle with 99% occupancy across its stabilised European assets and 100% in Austria, Czechia and the Netherlands (29 October 2025).

Ardian — 99% occupancy in Florence

Ardian reports 99% occupancy at its first Florence student housing investment of 404 units (5 June 2025).

Ardian / Rockfield — Milan

Rockfield and Ardian report nearly full occupancy in Building A of aparto Milan Durando as they strengthen their PBSA strategy.

>99%
Reported occupancy, every completed year
1,900+
Rooms delivered since 2017
4
Completed residences
€265.9m
Combined transaction value
Stonehill
{{ slide.tag }}

{{ slide.title }}

{{ slide.sub }}

View project ›
{{ slide.caption }}
About Stonehill

Stonehill is a leading developer of purpose built student accommodation and modern living across central and southern Europe.

About us ›
€265.9m
Total transaction value across four completed schemes
1,900+
Student rooms delivered
1,360
Rooms in the development pipeline

Stonehill’s capabilities extend from origination through the development phase and into operations and management.

Capital Partners

Long-term investment structures for institutional partners seeking stable, premium PBSA income across Europe.

Learn more ›

Development Activity

Milan, Passau and Padua — 1,364 new rooms under way for the 2028/29 academic year.

View pipeline ›
Partners and counterparties
{{ hero.tag }}

{{ hero.title }}

{{ hero.sub }}
{{ s.value }}
{{ s.label }}

Click a marker to see the residence. Charcoal markers are completed schemes; green markers are the pipeline.
{{ proj.tag }}

{{ proj.title }}

{{ proj.sub }}

{{ f.value }}
{{ f.label }}
The project

{{ proj.headline }}

{{ proj.text }}

{{ proj.more }}
{{ proj.galleryCaption }}
Professional partners

A small circle of long-standing consultants, contractors and operators.

Design development is outsourced to a limited number of third-party practices with whom Stonehill has built close working relationships over many years. Their experience in student accommodation is carried from mature markets into each new city, while local architects, engineers and advisers ensure every scheme meets precise planning and regulatory requirements.

Stonehill works with London-based architects tp bennett on the design concept stage of each project. Local architectural practices in each market then refine the design and navigate local planning regulations through to consent and delivery.

{{ g.project }}

{{ p.role }}
{{ p.name }}

{{ p.text }}
Development and financing partners

Stonehill also works with Pegasus Capital Partners, its Vienna development and financing partner; Invel Real Estate, which announced an initial €18 million investment in the Milan and Padua projects in June 2026; and Raiffeisenlandesbank Oberösterreich, which provided senior development debt for the Vienna student residence.

Investors and funding counterparties

PATRIZIA, Ardian / Rockfield, AEW, Allianz and M&G Real Estate appear as buyers or funding counterparties on Stonehill projects. See Capital Partners ›
Investment thesis · Mission statement
{{ t.n }}

{{ t.text }}

Our strengths

Stonehill has acquired a valuable, pan-European overview of student requirements in different markets. The group has a strong development management capability, based on the broad international experience of its construction managers over many decades.

{{ s.title }}

{{ s.text }}
Institutional purchasers

Headline transactions and counterparties

€265.9m combined headline transaction value
{{ b.date }}
{{ b.name }}
{{ b.asset }}

{{ b.text }}
Capital relationships

Who we work with

Stonehill incorporates different financing and exit strategies for its developments, often utilising its long-standing relationships with senior lenders, JV partners and institutional purchasers to complete and exit its projects.

{{ c.name }}

{{ c.text }}
{{ s.value }}
{{ s.label }}
{{ m.tag }}

{{ m.name }}

{{ m.overview }}

{{ m.address }} Explore {{ m.name }} ›
Market overview

{{ market.headline }}

{{ s.value }}
{{ s.label }}

{{ market.overview }}

Stonehill in {{ market.name }}
Click a region to zoom · double-click a residence to open it
First mover

Via Sebastiano Serlio, Bologna

Stonehill was a first mover in the Italian market with the development of the 532 room landmark asset at via Sebastiano Serlio in Bologna. Serving the University of Bologna, it is among the tallest buildings in the city. Stonehill operated the building for a number of years before exiting the project to Ardian / Rockfield in February 2025.
Local team · {{ market.name }}
{{ c.name }}
{{ c.email }}
{{ market.officeLabel }}
{{ market.address }}
Our team

{{ member.name }}

{{ member.role }}

{{ p }}
Sustainability

ESG & carbon neutrality

{{ e }}

With rapidly changing attitudes towards achieving zero carbon impact, Stonehill consistently delivers projects with high energy efficiency and minimal embedded and operational carbon emissions. It also makes commercial sense to minimise overhead costs and optimise the net operating income, as well as contribute to long-term decarbonisation.

Stonehill deploys a wide range of active and passive carbon saving technologies. These include high levels of insulation, roof mounted PV panels and smart building monitoring systems. In all of its developments where technical conditions allow, Stonehill deploys heat pump technology – either GSHP or ASHP systems, providing both winter heating and summer cooling.

Stonehill aims to achieve LEED Gold Certification for all its projects, whenever possible.

In the German market, Stonehill aims to build to Effizienzhaus 40 standard to reduce environmental impact.

{{ p.title }}

{{ p.text }}
Media coverage archive

Press articles, partner announcements and project features

{{ pressCount }} articles · Vienna, Turin and Bologna
{{ a.date }}
{{ a.publisher }}
{{ a.city }}
{{ pressRange }}

Summaries are Stonehill’s own short descriptions of third-party coverage and link to the original publishers. They are not reproductions of the articles, and inclusion does not imply endorsement by the publisher.
Search
{{ searchSummary }}
{{ lightboxCaption }} Close ✕
Matthew Cartisser · Founder

Decades of experience across different European commercial real estate asset classes that built Stonehill.

Stonehill was founded by Matthew Cartisser, a Cambridge law graduate who has been involved in the property sector for most of his professional life. One of the first developers to enter the Polish real estate market in the early 1990s, he pioneered one of the nation’s first business parks in Warsaw before turning his focus to student accommodation and contemporary living.

Drawing on the maturing UK market for student housing, Matthew led Stonehill’s expansion across Europe — from Vienna’s Dresdnerstrasse residences, among the first modern PBSA schemes in Austria, to landmark projects in Bologna and Turin, and a growing pipeline in Milan, Padua and Passau.

37
Schemes delivered across seven countries
6.6m
sq ft of retail, office and living space
Poland

Matthew was one of the first Western developers to enter Poland after 1989, pioneering Wiśniowy Business Park in Warsaw — six office buildings and one of the nation’s first business parks — and in Katowice he set up the development of Silesia City Center, a 951,500 sq ft shopping centre built on a former coal-mine site that became one of the largest retail destinations in the country.

Milestones
{{ tlActive.year }}

{{ tlActive.title }}

{{ tlActive.text }}
{{ sec.title }}
{{ sec.blurb }}
›
{{ sec.lead.source }} · {{ sec.lead.date }}

{{ sec.lead.title }}

{{ n.source }} · {{ n.date }}
{{ n.title }}
›
Every article, press release and partner announcement, listed by date.
Media archive ›
‹ News & Insights

{{ newsListTitle }}

{{ a.title }}
{{ a.date }} · {{ a.source }}
{{ newsCount }}
Older ›
Insights

Perspectives on living, development and energy infrastructure

Stonehill’s own analysis, informed by our work developing and operating purpose built student accommodation across Europe.

›
Featured · {{ insFeatured.topic }}

{{ insFeatured.title }}

{{ insFeatured.text }}

Read insight › {{ insFeatured.date }}
{{ insCount }}
{{ a.topic }}
{{ a.title }}

{{ a.text }}

{{ a.date }}
{{ city.country }} · {{ city.status }}

{{ city.name }}

{{ city.headline }}

The city

{{ city.tagline }}

{{ s.value }}
{{ s.label }}

{{ p }}
Stonehill in {{ city.name }}
{{ p.status }}
{{ p.title }}
{{ p.meta }}
Click a residence to open its project page; the map pin marks its location.
Local team · {{ city.country }}
{{ c.name }}
{{ c.email }}
{{ city.officeLabel }}
{{ city.address }}
Our offices

Local teams across Europe

Stonehill’s head office is in Luxembourg, with dedicated local teams in London, Munich, Milan, Bologna and Vienna. Zoom in to each city and click a marker for the address and contacts.
Our offices

Contact us

{{ office.name }}

{{ office.overview }}

{{ office.address }}
{{ c.name }}
{{ c.email }} {{ c.tel }}
Have a question?

Message us

For business opportunities and projects.

Thank you — your message has been received.
‹ News & Insights
{{ ins.eyebrow }}

{{ ins.title }}

{{ ins.sources }}

{{ ins.tldr }}

{{ s.value }}
{{ s.label }}

{{ t.title }}

{{ p }}
{{ ins.table1 }}
{{ r.city }}{{ r.value }}
{{ ins.table2 }}
{{ r.city }}{{ r.value }}
{{ ins.table3 }}
{{ r.city }}{{ r.value }}
Watch points
{{ w.title }}

{{ w.text }}
‹ News & Insights
{{ article.topicLine }}

{{ article.title }}

{{ article.text }}

{{ article.byline }}
{{ artCaption }}

{{ p }}
Original coverage
Published by {{ article.source }} · {{ article.date }}
Read at {{ article.source }} ↗
In context — market sources
{{ s.topic }}

{{ s.text }}
{{ f.value }}
{{ f.label }}
Legal

{{ legalTitle }}

{{ legalIntro }}

{{ s.h }}

{{ para }}
Last updated
{{ legalDate }}
Questions about this policy, or a request relating to your personal data?
Contact us ›
Stonehill