Add Capital, in partnership with CX Living, is making a fresh push into student accommodation: in the running to acquire a 65 per cent stake

From raising capital to its first investments, Add Capital is gearing up for new deals. The limited liability company led by Mario Abbadessa is reportedly at an advanced stage of exclusive negotiations to acquire a majority stake in CX Living (formerly Campus X), one of Italia’s two leading operators of student accommodation and hybrid hospitality. According to Il Sole 24 Ore, the stake is believed to be around 65 per cent.

According to market rumours, the total sum that Add would put on the table – comprising the acquisition and investments earmarked for growth and future developments – is said to be around 400 million euros. The transaction, which is expected to be finalised by the end of the year, would be carried out through the Add Value Fund 1: a pan-European private equity vehicle focused on residential property (distinct from the Add Italy Living fund dedicated to the Government’s ‘Piano Casa’ scheme), aimed at developing homes for sale or rent on the open market with expected returns of between 12 and 15 per cent. As part of a business transaction, the agreement would take the form of a joint venture between the two parties and would involve a simultaneous reinvestment in the company by the shareholders of CX Living.

Based on an initial estimate using financial statement data, it is reasonable to assume that the enterprise value of the entire group could be in the region of 140 to 160 million euros. The company, led by CEO Samuele Annibali, has accelerated its growth in recent years, with turnover of 46 million and EBITDA of around 8 million in 2025, and a target of 54 million in revenue by the end of 2026. The aim is to more than double this figure by 2029: over the next three years, CX Living aims to achieve a turnover of 117 million with an EBITDA of 18 million.

Today, the group has a portfolio of 25 facilities , of which 13 are already operational, offering a total of 14,000 beds and managed property assets worth approximately 1 billion euros . The aim is to exceed 15,000 beds by 2028, reach 28 facilities in Italia and strengthen its presence in Europe. The workforce is also set to almost double, from 151 employees in 2025 to the 290 forecast for 2029.

The agreement would be in the spirit of continuity: the management of CX Living – whose chairman is Ernesto Albanese – would remain in place and continue to pursue the objectives set out. Viewed within the context of Add Capital’s strategy, the transaction would appear to fall squarely within the company’s investment remit, which is focused on living in all its forms: student accommodation, affordable housing, hotels and budget accommodation, with a presence in Italia and a particular focus on Southern Europe: in Spain, the group aims to invest between 500 and 700 million.