Madison International Realty Acquires Minority Stake in TPG's Home & Co German Student Housing Platform

Madison International Realty has agreed to acquire a significant minority interest in Home & Co, a vertically integrated student housing and micro-living platform backed by TPG Real Estate Partners, the firms announced Aug. 7, 2026. The transaction gives Home & Co fresh growth capital while leaving TPG as majority owner and preserving the platform's management team in full control of investment and operational decisions.

Deal Structure and Partnership Terms

Under the agreement, Madison International Realty will partner alongside TPG, which has held a majority stake in Home & Co since the platform's 2019 launch. Home & Co's management team will continue to oversee all investment and operational strategy. Financial terms of the transaction, including the purchase price and valuation metrics, were not disclosed. Completion of the deal remains subject to customary closing conditions.

Madison frames the investment as consistent with its broader strategy of providing liquidity and growth capital to established real estate operating platforms. The firm provides equity for recapitalizations, partner buyouts, and capital infusions, and acquires joint venture, limited partner, and co-investment interests as a principal.

"This transaction reflects our broader strategy of identifying best-in-class real estate platforms where strong operational performance meets constrained access to capital, enabling us to serve as a strategic liquidity partner to accelerate growth and support existing structures with our deep sector expertise," said Maximilian Sauermann, Managing Director and Head of European Investments and Co-CIO at Madison International Realty.

Home & Co Platform Scale and Recent Growth

Home & Co currently operates 19 purpose-built branded student housing locations across Germany, providing more than 3,500 beds in major university cities including Berlin, Frankfurt, Munich, and Stuttgart. Over the 12 months preceding the announcement, the platform added four new sites encompassing nearly 1,000 beds and entered two new markets. The company says it has sustained high occupancy across its portfolio and improved resident retention while integrating each new location onto its in-house operating platform.

Home & Co describes itself as a vertically integrated owner-operator, handling the full real estate lifecycle — from acquisition and repositioning through day-to-day operations — with all core functions performed by its own teams.

"Since inception, Home & Co has grown into one of Europe's leading student housing platforms through a disciplined strategy of acquiring high-quality assets, building our operating capabilities in-house and delivering an exceptional resident experience," said Vincent Steigenberger, CEO of Home & Co. "This partnership is a strong endorsement of the platform our team has built and the momentum we have created — both in the assets we have added and in how those assets perform day to day."

German Student Housing Market Backdrop

Both TPG and Madison cited structural undersupply in German university cities as a central rationale for the transaction. Demand for professionally managed, purpose-built student accommodation continues to outpace available supply across Germany's major university markets, a dynamic that supports occupancy and pricing power for scaled operators.

"Across German university cities, demand for professionally managed student accommodation continues to exceed available supply, creating a compelling secular tailwind for platforms with scale, operating expertise, and strong resident offerings," said Ben Deeg, Business Unit Partner at TPG. "Since our investment in 2019, Home & Co has built the business into one of Germany's leading student housing platforms — a self-sufficient owner-operator with a high-quality portfolio, a scaled in-house operating capability, and a strong position across attractive university markets."

TPG is a global alternative asset manager with $327 billion of assets under management. The firm invests across private equity, impact, credit, real estate, and market solutions strategies.

Advisors and Next Steps

JLL acted as financial and real estate advisor to TPG on the transaction, with Freshfields serving as legal counsel and EY as financial and tax advisor. Madison was advised by Jones Lang LaSalle SE, Fieldfisher, EY Tax, EY Parthenon, and Cushman & Wakefield.

TPG, Madison International Realty, and Home & Co said they intend to continue enhancing the existing portfolio, pursue additional expansion opportunities across Germany, and advance the platform's ESG strategy following the close of the transaction.

"Home & Co has built a high-quality platform of scale in one of Europe's most attractive university markets," Sauermann added. "The combination of stable student demand, structural supply constraints, and Home & Co's proven track record creates a compelling opportunity for continued expansion."