Invesco and Alumno to develop Manchester PBSA
Invesco Real Estate, the $90bn global real estate investment business of Invesco Ltd, is to develop a 261 bed purpose-built student accommodation (PBSA) asset in Manchester with student accommodation developer, Alumno. Invesco Real Estate was advised on this transaction by Lewis & Partners.
Set to complete in Q3 2026, the development site has been acquired on behalf of Invesco Real Estate Europe Fund III – SCSp (Europe III), the third European value-add strategy in succession for the firm.
“Market repricing and the temporary retreat of core capital have combined to open up a number of attractive opportunities around Europe in sectors with positive tailwinds such as PBSA. We expect Europe III to be active in this sector as well as others where the risk/return balance has moved in favour of value-add investors who are prepared to move with speed and conviction.”
Kevin Grundy, Managing Director – Fund Management, Europe, Invesco Real Estate …