Sanctuary set to sell £400m PBSA portfolio
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 …
Unite Students to build 41-storey Meridian Square PBSA
Student accommodation provider Unite Students is set to build a landmark PBSA development, Meridian Square, in east London. It will be among the biggest in its portfolio.
Unite Students has acquired the Stratford site next to Meridian Steps near Westfield Stratford City shopping centre.
The company has also received full planning permission for the scheme, which was supported by University College London. The development is expected to complete in 2028.
The Meridian Square scheme will deliver 952-beds in a 41-storey building. 333 beds will be let at affordable rents, 30 beds will be in self-contained studio flats, and the remaining are in shared flats of five to ten bedrooms. One in ten bedrooms will also be wheelchair accessible …
Canada Life secures planning for Bristol PBSA
Canada Life Asset Management have been granted planning permission for the development of a new purpose-built student accommodation development (PBSA) scheme, in partnership with the University of the West of England, Bristol (UWE).
The site will be close to UWE’s Frenchay campus, and will include 330 student bedrooms. Bowmer and Kirkland has been selected as the main contractor and works are due to start in Q3 2024 …
Unite Students: Record demand for beds amid university housing shortages
Unite Students has reported strong growth and nearly-full student accommodation blocks amid record demand from students and still-constrained supply.
Unite told markets this morning that like-for-like rental growth was 8.2 per cent and occupancy was 97.5 per cent for the 2024/25 academic year.
The firm retained its guidance and said it expected rental growth to be 4-5 per cent for the 2025/2026 academic year.
“The outlook for the business is positive with strong student demand at a time of limited new supply and ongoing investment into our portfolio and platform,” Joe Lister, Unite Students Chief Executive Officer, said …
Nido Living appoints new CFO as part of wider expansion plans
Student-led accommodation specialist Nido Living has appointed Ryan Lee as CFO, as the company gears up for a major expansion drive.
Ryan’s appointment is central to this plan, bringing his extensive experience in real estate and financial leadership to Nido’s executive team.
Joining Nido in September, Ryan will work closely with CEO Carlo Matta and COO Darren Gardner, and is based at Nido’s headquarters in Amsterdam, Netherlands …
Amro Porto PBSA Portugal’s first BREEAM outstanding new-build
IP Investment Management (IPIM) – in partnership with Heed Capital and Amro Partners – has achieved the highest ESG certifications for Amro Porto, its debut PBSA project in Porto, Portugal.
Amro Porto is the country’s first new building ever to achieve BREEAM ‘Outstanding’, in addition to Fitwel 3* and WiredScore Platinum ratings – the highest ranking for each respective certification.
Located in the Paranhos area of Porto within the city’s main university hub, the 151-bedroom PBSA scheme includes a mix of studios, twodios and some doubles with modern amenities including study rooms, terraces, gym, cinema, MasterChef room and outdoor green spaces. The project was completed in October 2023 and opened to students in January 2024 …
Aviva Investors acquires Glasgow PBSA scheme
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 …
Investor swoops for two major student housing complexes
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 …
Hines Acquires 298-Bed Purpose-Built Student Accommodation Asset in Dublin
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 …