Blackstone secures £2.6bn refinancing for iQ Student Accommodation platform
The facility is being originated by a combination of existing and incoming lenders, led by Citi and Bank of China …
Far East Orchard launches inaugural £70m PBSA fund
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 …
Knight Frank sells Newcastle PBSA asset for £28.75m
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 …
Disposal of six properties for £184m
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 …
Legal & General completes double PBSA acquisition from GSA
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 …
The Dot Group completes acquisition of CRM Students
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 …
Mapletree acquires 31 schemes in the UK and Germany
Singapore-based real estate investment, development and property management company Mapletree Investments has announced its acquisition of 8,192 operational beds across 19 cities in the UK and Germany, and an operating platform from Cuscaden Peak Investments.
The newly acquired portfolio includes a range of student accommodation schemes that offer extensive amenities and convenient access to the local universities. The portfolio has been strategically located in key university cities in the UK such as Bristol, Cambridge, Durham, Edinburgh, Oxford and York, alongside Bremen in Germany.
The operating platform manages two brands – Student Castle and Capitol Students – and provides Mapletree with direct control of the acquired portfolio …
Round Hill sells Nido Living to Canadian pension fund
Round Hill Capital has sold its PBSA business, Nido Living, to the Canada Pension Plan Investment Board (CPP Investments).
Round Hill has also sold its stake in the existing student accommodation venture between both companies, which has more than 5,000 beds across 15 European assets.
CPP Investments has formed a new real estate investment and operating platform focused on PBSA through the acquisition of the joint venture and the full acquisition of Nido Living …
Greystar acquires PBSA asset in Southampton
Greystar has acquired Capital House, a 423-bed purpose-built student accommodation (PBSA) asset.
The asset is strategically located in Southampton, a city characterised by an undersupply of student housing.
Capital House will operate under Greystar’s Canvas brand, with Greystar underwriting renovations to improve under-utilised amenity space.
London, 26 March 2023 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality real estate, including rental housing, logistics, and life sciences, has agreed to acquire Capital House from Kier Property Developments Limited and Investec in an off-market opportunity, as part of its ongoing PBSA growth strategy in Europe.
Capital House is ideally located close to Southampton’s two major universities, the University of Southampton and Solent University, and residents benefit from the proximity of the site to the city centre’s major amenities including West Quay Shopping Centre, Southampton Football Club’s St Mary’s Stadium, Southampton Marina and Hoglands Park …
Hines funds invest in France to create 1,300 new student housing beds
Hines European Real Estate Partners III and Hines European Value Fund 2 target 650 beds each …