Category: Investment Activity

Yesterday (14 October 2024), non-profit Sanctuary Housing Association announced that it is seeking a buyer for 5,600 beds across 21 of its student schemes totalling £400m.

The potential sale forms part of Sanctuary’s objective to unlock and recycle capital for new investment within its existing affordable homes.

The 125,000-home association is currently looking at options to sell the assets in eight different locations: Manchester, Salford, London, Glasgow, Brighton, Dundee, Bradford, Falmouth, Liverpool, Preston and Ormskirk …

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Global asset management business of Aviva plc – Aviva Investors – acquires a PBSA scheme in Glasgow for £23m as the company continues to grow its strategic asset allocation to the UK Living sector. The scheme completed in 2024 and is fully let for the 2024/2025 academic year.

Located at 31 Gilbert Street, the PBSA scheme includes 99 studios ranging from 17 sqm to 29 sqm in size and includes several accessible rooms. Amenities include an on-site gym, communal lounge, cinema room and external courtyard.

The Glasgow property has been built with all-electric solutions and air source heat pumps for its ongoing energy and heating needs. It has an EPC rating of ‘A’ and has no fossil fuels on site. The scheme also has scope to add roof-mounted photovoltaic (PV) solar panels …

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Developer Sama Investment Group has acquired two purpose-built student accommodation schemes in Yorkshire and the West Midlands.

The Pinnacles and Chambers 51 developments in Sheffield and Wolverhampton will be significantly upgraded by the group, which has commissioned contractors to undertake full cladding and remediation upgrades.

Once works are complete, nationwide student accommodation provider Velo Student Living will oversee the management of the new and improved student accommodation assets …

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Hines, the global real estate investor, developer and manager has acquired ‘Scape Dublin’, a purpose-built student accommodation (PBSA) asset located in the heart of Dublin 2 on behalf of the firm’s Core Plus fund, Hines European Property Partners (HEPP).

The purchase of Scape Dublin sees Hines continue its strategy of building a portfolio of prime PBSA assets in European locations where demand is strong and supply is constrained.

The acquisition follows the announcement by Hines in March this year that HEPP would forward-fund the 260-bed ‘Gas Lane’ development in Bristol, UK. While in February the firm’s value fund series, Hines European Real Estate Partners (HEREP) committed to fund two large scale student living projects in Paris that plans to deliver an additional 1,300 beds once completed …

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The facility is being originated by a combination of existing and incoming lenders, led by Citi and Bank of China …

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Far East Orchard has launched its first private fund in Singapore, the FE UK Student Accommodation Development Fund (FESAD). The mainboard-listed company also announced the first close of £70m, along with the fund’s target aggregate commitment of £100m.

The FESAD will invest in purpose-built student accommodation (PBSA) development opportunities within the UK.

The fund is currently seeded with a development in Glasgow, which was acquired in March, where a 273-bedroom PBSA project will be constructed. The scheme will be delivered in partnership with Glasgow based developer Ambassador Group …

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Global property consultancy Knight Frank has facilitated the £28.75m sale of a PBSA asset in Newcastle. Situated in the heart of the city’s vibrant Quayside area, the Newcastle PBSA property is an institutional-grade scheme comprising 416 beds.

The property offers a mix of accommodation, with 85% en-suite rooms and 15% studios, complemented by on-site amenities such as a cinema room, laundry facilities and bicycle storage …

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Unite Students, the UK’s leading owner, manager and developer of student accommodation, today announces the sale of six properties to PGIM Real Estate for £184 million (Unite Students share: £76 million).

The properties, comprising 2,948 beds, are located in Birmingham, Cardiff, Leicester, Liverpool, Nottingham and Sheffield and have an average age of 18 years (Unite Students average: 13 years). 31% of beds are let on short-term nomination agreements (Unite Students: 53%, 5.8 years average remaining term).

The disposal is part of the Group’s portfolio management strategy to increase alignment to high and mid-ranked universities which have the strongest outlook for student demand and support sustainable rental growth …

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Asset manager Legal & General Investment Management (LGIM), on behalf of Legal & General Retirement Institutional (LGRI), has recently announced the completion of its first direct-let purpose-built student accommodation (PBSA) acquisition, following the purchase of the Aqua Portfolio from Global Student Accommodation (GSA). Knight Frank advised LGIM on the acquisition, MTRE advised GSA.

The GSA portfolio includes two PBSA developments – Clifford House in Exeter, which comprises 312 bedrooms, and Scotway House in Glasgow, which comprises 399 bedrooms. The schemes were purchased for a combined pricing of c. £122m and completed in 2019 with proven historic rental growth and a consistent 98%+ occupancy …

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Global student living provider The Dot Group has announced the closing of its acquisition of third-party student operator CRM Students Ltd group of companies from CORESTATE Capital Holdings S.A.

CRM Students, and its subsidiaries in the UK and Europe, will become a part of the broader Dot Group, operating as a white-label solution alongside global student branded operator Yugo.

The acquisition extends Dot’s global footprint into four new European markets of Austria, Italy, Poland and Portugal. It also supports the Group’s continued growth in Germany and Spain, while significantly expanding its UK presence …

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