Unite Students invests €215m in sustainable PBSA project in London
UK student accommodation provider Unite Students is investing £185 mln (€215 mln) in a new eco-conscious project in London’s vibrant Stratford district …
Harrison Street and Artisa Group JV acquires Viale Monza
Investment management firm Harrison Street launches a newly-formed programmatic joint venture with real estate development company Artisa Group, who have an established presence in the Swiss and European markets. The joint venture will see the acquisition of Viale Monza – a 260-unit residential development in Milan, Italy. Upon completion, Viale Monza will be managed by Swiss living operator City Pop, and will house both students and non-students.
City Pop currently manages a portfolio of apartments across Switzerland and Germany and plans to continue its expansion across additional properties in Italy and the Czech Republic …
iQ and Blackstone acquire two PBSA assets
Student accommodation provider iQ Student Accommodation (iQ) announces that it has supported alternative asset manager Blackstone in the acquisition of two PBSA assets from Downing Students.
The acquired assets – in two of the UK’s most vibrant and popular university destinations for students – include the 841-bed Vega in London and the 324-bed The Mont in Edinburgh …
Multi-million-pound investment in Aberdeen student accommodation
ATK Property Group has bought the 725-bed property on King Street.
The lack of student accommodation on offer in the Granite City has been highlighted as a concern for many years.
ATK Property Group co-owner Richard Thom said it was “an exciting time to be investing in Aberdeen” due to its “prestigious universities” …
Bricks Group and Tristan Capital Partners acquire Salford PBSA
Bricks Group and Tristan Capital Partners’ CCP 5 Fund have acquired a 457-bed purpose-built student accommodation (PBSA) asset in Salford for £68m.
Bricks Group worked with Pinsent Masons on the deal, while Tristan Capital Partners were advised by BCLP, Workman, PWC, Longevity, Knight Frank and TigerLime.
Catering to students from both the University of Manchester and University of Salford and managed by Bricks Group’s award-winning platform true student, the new 14-storey true student Salford Two development looks out over Media City …
New 800-bed development in Glasgow
Unite Students, the UK’s leading owner, manager and developer of student accommodation, today announces that it has entered an option agreement to acquire a new 800-bed development scheme in central Glasgow, subject to planning.
The new development will help address the acute shortage of student accommodation in Glasgow, which is home to three institutions within the UK’s top 75 universities, and increases Unite’s portfolio in the city to 3,000 beds. The Group expects to deliver the scheme as a university partnership with at least half of the beds to be let on a multi-year nominations agreement to a leading university.
The scheme has a total development cost of £95 million and is expected to deliver a yield on cost of around 7.5%. Planning approval is targeted during H1 2024, enabling delivery for the 2026/27 academic year. The Group expects to fund the project from capital recycling through disposals …
Harris puts major UK PBSA portfolio on the market
Harris Associates is putting a 2,000+ bed PBSA portfolio across five undersupplied UK university cities on the market, on behalf of owners Southern Grove and Tadhamon Capital …
ISIF Commits €75m To Student Flats And Housing
The Ireland Strategic Investment Fund (ISIF) has announced a €75m commitment to Harrison Street for a co-investment strategy that will focus primarily on delivering new student accommodation in regional cities.
The programme aims to deliver c.€500m of new accommodation. ISIF said the investment will focus on the regional student accommodation market and will also explore wider opportunities to deliver new homes.
ISIF said its €75m funding commitment will comprise of €25m towards the new Harrison Street European Property Partners Fund IV that invests in student housing, build-to-rent residential and life sciences assets …
Empiric Student Property seeks joint venture partner to expand
Empiric Student Property is exploring bringing on board a joint venture partner to grow its portfolio of student accommodation.
The company, which reported strong half-year results yesterday, said in an analyst briefing that it had engaged PwC to look at options to expand its portfolio.
Chief executive Duncan Garrood said that traditional methods of growing the company were not available to it at the moment – with the company’s shares trading on a discount to NAV of around 30% excluding it from raising equity and debt currently very expensive …
Future Generation completes refinancing and plans £300m PBSA portfolio sale
Future Generation, the joint venture between developer Southern Grove and Tadhamon Capital, has completed the £133m refinancing of three of its purpose-built student accommodation (PBSA) assets ahead of plans to sell its entire five-strong PBSA portfolio for £300m-plus …