London (April 27, 2026) – BGO, a leading global real estate investment firm, has launched its German purpose-built student accommodation (“PBSA”) strategy with the acquisition of K115, an operational student housing asset in central Cologne.
For the German PBSA strategy, BGO is pursuing standing assets, refurbishments, conversions and developments in top university cities with large student populations and compelling supply-demand dynamics.
The 153-unit property marks the fund’s first investment in Germany’s structurally undersupplied PBSA sector and aligns with BGO’s thematic focus on living strategies supported by strong secular demand tailwinds.
Strategically located in one of Cologne's prime student districts with excellent university connectivity, K115 offers significant asset management value-add potential. BGO is working with the operating partner Joint Venture consisting of N17 Projects and Callidus Real Estate Capital and engaged the leading PBSA operator CIV (NeonWood) on the operational management of the property.
Moritz Irmen, Principal at BGO, said: “Germany’s student housing market presents a compelling structural opportunity, with demand continuing to outpace supply in leading university cities. We are building a scalable platform to capture this through targeted acquisitions, active asset management and selective development. K115 is a strong first step that brings our strategy to life and reinforces our conviction in the opportunity ahead.”
Michael Schnur, at N17, said: “K115 embodies our approach — targeting operational assets with potential for improvement in cities where student housing demand far exceeds supply. N17 has a strong conviction and commitment to the PBSA sector in Germany, driven by the need to provide housing solutions that combine quality, sustainability and flexibility, aligned with new urban lifestyles.”
BGO was advised by Savills (buy-side), EY (tax and structuring), Greenberg Traurig, and Simmons & Simmons (legal).
About BGO
BGO is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $90 billion USD of assets under management (as of December 31, 2025) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 25 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com
About N17 Projects
N17 Projects is an investment and operating partner platform focused on value-add strategies in Germany’s residential real estate market. The platform combines institutional investment management with hands-on development and asset management capabilities, enabling direct execution across the full real estate lifecycle and ensuring close alignment between investment and operations.
N17 targets opportunities in purpose-built student accommodation (PBSA), build-to-rent (BTR) and condominium segments in Germany’s leading cities and university markets.
For more information, please visit www.n17projects.de
About Callidus Real Estate Capital
Callidus Real Estate Capital is an opportunistic real estate investment and debt manager based in Frankfurt am Main managing investments with clear entrepreneurial standards. Callidus focus lies on residential direct investments and operational real estate platforms. Callidus investments, tailored for institutional partners and funds, are accompanied by own capital, ensuring a strong alignment of interests between Callidus objectives and investors’ goals. Callidus provides continuous, direct access to a wide range of attractive investment opportunities within the institutional European real estate market, with a focus on the DACH region and Poland.
For more information, please visit www.callidus-recap.de
Media Contact
Rahim Ladha, Global Head of Communications
media@bgo.com