Lone Star makes PBSA debut with £315m portfolio buy
US investor Lone Star has made its first play in the UK PBSA sector with the acquisition of a 2,621-bed portfolio …
JV secures £80m for Glasgow BTR development
A joint venture between Apache Capital Partners and Harrison Street has secured £80m in debt funding
from BentallGreenOak for a development in Glasgow …
Round Hill Capital seals deal for new student accommodation investment in Spain
Round Hill Capital (RHC), a leading global real estate investment, development and asset management firm, has closed a deal to acquire a 12,800 sq m site for its first PBSA development in Spain. Located in the Aravaca district of Madrid, the 500-bed scheme will bring much needed high-quality student housing to the city. Construction is set to start in 2021 and the development is scheduled to be ready for occupation for the 2023/24 academic year.
The site has full planning permission and is within close proximity of many of Madrid’s leading universities including IESE, ESIC, Francisco de Vitoria and the Complutense University of Madrid. It is also exceptionally well-located with rail and bus links to the city centre just a five-minute walk away.
The deal marks Round Hill Capital’s 23rd PBSA investment in continental Europe, bringing its current portfolio to over 9,590 beds. The company is actively seeking further investments in Spain as it looks to build on its expansive portfolio across the continent, having identified significant supply/demand imbalances in high quality student accommodation in the Spanish market. In the 2018-2019 academic year, there were only 20,693 PBSA beds in Madrid to meet a demand estimated at 114,000 …
GSA enters US market through acquisition of 8,000 beds across 27 assets
Global Student Accommodation Group (“GSA”) has today announced the acquisition of twenty seven US based properties from UCAL, the joint venture with University Communities LLC (‘University Communities”) and the California State Teachers Retirement Fund (“CalSTRS”). This transaction accelerates GSA’s growth ambitions by adding 8,000 beds across 19 cities and 18 states from coast to coast in the US. Price is not disclosed.
GSA has also acquired the property management company (“UComm”) and has entered a forward arrangement with University Communities to work together in partnership on acquiring and developing future student housing properties in the US …
Student homes site in capital sold to Watkin Jones
Development company, S Harrison, has sold a development site in Edinburgh earmarked for student accommodation.
Watkin Jones has acquired the plot in Gorgie Road which has planning permission for 248 student bedrooms in two buildings made up of 35 studio rooms and a mixture of cluster apartments, ranging from six to 10 bedrooms.
It will have a range of amenities including study rooms, a games area, gym, cinema, laundry and secure cycle storage for every resident, as well as incorporating quality soft landscaping, connecting the buildings to the riverbank on the Water of Leith …
Harrison Street and CA Ventures form JV to invest in four PBSA schemes
Harrison Street and CA Ventures have formed a new joint venture partnership to develop and acquire PBSA assets across the UK …
KKR Sells Two Student Accommodation Assets in the Netherlands Totaling 1,380 Units for €190m
Leading global investment firm KKR today announces it has sold two major student housing developments in the Netherlands for €190m. Xior Student Housing NV acquired the Zernike Tower, c.700 units in Groningen, and Greystar Real Estate Partners LLC acquired c.680 student accommodation units in Utrecht. Earlier this year in May, in a separate transaction, KKR sold the residential buildings in Utrecht, comprising 173 units, to GIC and Orange Capital Partners …
Student Roost moves into Bristol with PBSA and co-living scheme
Student Roost has bought two new sites for PBSA schemes in York and Bristol from Summix Capital …
AXA Investment Managers – Real Assets (“AXA IM – Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has entered the UK private rented residential market with the acquisition, on behalf of clients, of the iconic Dolphin Square in Pimlico, Central London, from Westbrook Partners. The neo-Georgian designed freehold asset is the largest single private residential complex in the UK, comprising 1,233 units on a 7.5 acre site. The acquisition forms part of AXA IM – Real Assets’ wider strategy of seeking high quality residential assets supported by strong demographic drivers, which it can invest into for the long term, and adds to its c. €20 billion portfolio comprising various residential asset classes across 15 countries …
£41m investment to acquire major build to rent scheme
Clients of Aberdeen Standard Investments have acquired Clarendon Quarter, a 324-unit residential scheme just outside of Leeds city centre, from Habitus Leeds.
The deal marks the UK’s largest stabilised transaction, for institutional grade, purpose-built accommodation and the first in Leeds.
The scheme comprises the former St Michael’s School (The Court) and a new build block (The Gardens), with a BREEAM rating of Very Good …