TPG and Madison International Realty partner for German student housing platform

TPG Real Estate Partners and Madison International Realty have formed a strategic partnership through which Madison will acquire a significant minority stake in Home & Co, one of Germany’s fastest‑growing student housing platforms. 

TPG will retain majority ownership, with Home & Co’s management team continuing to lead investment and operational strategy.
The investment will support Home & Co’s expansion across Germany, where demand for professionally managed student accommodation continues to outpace supply. Since launching in 2019, the platform has grown into a leading owner‑operator of purpose‑built student housing, now comprising 19 branded locations and more than 3,500 beds across major university cities including Berlin, Frankfurt, Munich and Stuttgart.

Over the past year, Home & Co has added four new sites totalling nearly 1,000 beds and entered two new markets, while maintaining high occupancy and improving resident retention. Each new asset has been integrated into the company’s in‑house operating platform, which underpins its focus on service quality and operational efficiency. 
TPG, Madison and Home & Co intend to continue enhancing the existing portfolio, pursue new opportunities across Germany and advance the platform’s ESG strategy.

Ben Deeg, Business Unit Partner at TPG, said demand for professionally managed student accommodation across German university cities continues to exceed supply, creating strong secular tailwinds for scaled platforms with operating expertise. He added that Home & Co has established itself as one of Germany’s leading student housing operators, with a high‑quality portfolio and strong positioning across attractive markets.

Maximilian Sauermann, Managing Director and Co‑CIO at Madison International Realty, said Home & Co’s combination of stable demand, structural supply constraints and proven operating performance presents a compelling opportunity for continued expansion. He noted that the investment aligns with Madison’s strategy of partnering with best‑in‑class platforms where operational strength meets constrained access to capital.

Vincent Steigenberger, CEO of Home & Co, said the partnership is a strong endorsement of the platform’s growth and operating capabilities. He added that the support of TPG and Madison will enable the company to continue expanding in attractive markets, invest further in its operating platform and enhance the residential experience for students.

Completion of the transaction is subject to customary closing conditions.