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 …
News Articles
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 …
Empiric Student Property reports H1 2024 interim results
Empiric Student Property, the owner and operator of premium, purpose-built student accommodation (PBSA) across the UK, has reported its interim results for the six months ended 30 June 2024.
Revenue increased 2.7% to £42.4m (30 June 2023 £41.3m), up 10.5% on a like-for-like basis.
The company is on track for their best-ever re-booker campaign, with continued strong demand for the academic year 2024/25. Revenue occupancy for the academic year 2024/25 is currently at 92%, with a continued expectation of exceeding 97%.
First half dividends is paid and payable of 1.75p, 7.7% ahead of H1 2023 and in line with financial targets …
Unite adopts proptech platform across 68,000-bed portfolio
Provider of student accommodation – Unite Students – has chosen Lavanda as its preferred property management system (PMS).
Unite Students will use Lavanda’s PMS to optimise a range of financial, administrative and logistical workstreams throughout 151 properties located in 23 leading university towns and cities.
The platform’s API-first approach will allow Unite Students to deliver a customisable and efficient front-end experience via the provider’s own app, enabling students to easily access information, communicate with management and participate in community activities …
£84.5m secured to support delivery of student accommodation on former Royal Mail site in Nottingham
Bricks Group, development and management specialists in the student and co-living sectors, has secured £84.5m in funding from London Wall Lending to support the delivery of high-end Purpose-Built Student Accommodation (PBSA) on a former Royal Mail site in Nottingham.
The landmark new scheme will see the transformation of the former Bendigo Building site in the center of the city, which lay vacant for nearly two decades before its demolition in 2023. Once complete, the scheme will contain 752 beds over 13-storeys, with the potential to rise to 781 beds subject to planning permission.
The accommodation will be managed by Bricks’ in-house operating brand, true student, building on its brand portfolio of more than 7,000 beds across the UK. It will also provide a range of indoor amenities and landscaped gardens as well as commercial units on the ground floor for residents and the neighbouring community …
Unite Students releases positive six-month interim figures
Unite Students, the UK’s largest provider of purpose-built student accommodation (PBSA), has released interim results for the six months ended 30 June 2024. The figures show a positive start for the business in 2024, as they aim to expand their accommodation offering to students.
The company provides homes to 68,000 students across 151 properties in 23 leading university towns and cities and currently partners with over 60 universities across the UK.
“We have had a strong first half, with 14% growth in adjusted earnings underpinned by full occupancy, rental growth and substantial investment into our platform and portfolio.
“There is an acute and growing shortage of student homes, which is amplified by a shrinking private rental sector and depressed levels of new PBSA development. Unite has a crucial role to play in partnering with universities to deliver new supply of high-quality, affordable accommodation where the need is greatest, which also frees up local family homes in the process. Our development pipeline has grown to a record £1.5bn for delivery into the strongest university markets, including our first university joint venture with Newcastle University.
“We are uniquely positioned to secure further opportunities to support the growth of our university partners through our long standing and trusted relationships, in-house development capability and best-in-class operating platform.
“Our alignment to the UK’s strongest universities, alongside a growing range of attractive investment opportunities and a more supportive policy environment, puts us in a strong position to deliver continued long-term growth for shareholders.”
Joe Lister, Chief Executive, Unite Students …
Proprium and Collegiate acquire two PBSA schemes
Proprium Capital Partners has announced that its Southern European PBSA platform with Collegiate AC Europe Ltd (Collegiate) is investing $100m of equity to acquire and develop two PBSA schemes in Italy, in the cities of Milan and Padua.
These two high-quality PBSA schemes are exceptionally well-located, with excellent public transport connectivity. They are both close to key universities in each city – Bicocca University in Milan and the University of Padua in Padua.
The two schemes will provide over 1,600 student accommodation beds, as well as providing its residents with state-of-the-art facilities. These include a gym, spa, outdoor sports facilities, cinema, private dining rooms, group study spaces, and vibrant indoor and outdoor living areas. There is also 24-hour security, high speed Wi-Fi, bike storage, and year-round events programmes …
urbanest partners with JLL to deliver sustainability strategy
Leading central London student accommodation provider urbanest has partnered with JLL’s Sustainability Consulting team to establish a sector-leading sustainability strategy. This is set to bolster their existing ESG commitments.
urbanest offers 4,000 student beds across their central London portfolio of developments (including King’s Cross, Waterloo and in the City). They partner with London’s top universities – King’s College, UCL and LSE among them – to deliver high quality rooms.
The collaboration is a two-phase project that will establish robust ESG reporting requirements and devise a comprehensive sustainability roadmap. This is in addition to urbanest’s pre-existing environmental and social commitments and position as one of London’s leading Passivhaus developers.
By evaluating their business and incorporating the insights gained from JLL, urbanest will achieve their long-term sustainability goals. It will also enhance their standing amongst stakeholders and position them as a leader in sustainable development within the PBSA sector …
Investment into UK PBSA hits £2.45bn in H1 2024
In global property consultancy Knight Frank’s latest UK Student Housing Market Update for H1 2024, the company reveals that investment into the UK PBSA sector reached £2.45bn. This is much higher than the £1.1bn invested in H1 2023.
Q2 2024 marked the strongest quarter since 2022, with £1.7bn invested in the sector. This figure is inflated due to Mapletree’s acquisition of the Cuscaden Peak Portfolio, which includes 31 PBSA schemes across the UK and Germany. The UK assets are valued at approximately £960m.
Following a trend from previous years, regional assets continue to lead investment. Since 2019, on average, £2.1 bn has been invested annually in standalone regional assets.
This compares to an average annual spend of £570m on single assets in London over the same period. According to Knight Frank, the lower turnover in London reflects a lack of supply of PBSA opportunities, opposed to faltering demand …
UWE Bristol completes largest UK low-carbon student accommodation
Purdown View, the new PBSA at UWE Bristol has been completed and is the largest low-carbon development in the UK. The student village at the Frenchay campus includes 900 bedrooms. It will be fully occupied for the next academic year starting in September.
With sustainability at its heart, the groundbreaking development has received Passivhaus certification for meeting the highest possible eco credentials. Passivhaus buildings provide excellent occupant comfort while using little energy for heating and cooling. Purdown View will reduce energy by 81% and carbon by 79% per room compared with the housing it replaced.
Students living at Purdown View will benefit from a comfortable temperature year-round and improved internal air quality. Thanks to sustainability features including triple glazed windows, high levels of insulation and a mechanical ventilation system. As a fossil fuel-free development, any heating required will be generated by air-source heat pumps and electricity from solar panels.
Residents also have vibrant green spaces and a new public art sculpture garden on their doorstep, boosting biodiversity on campus. It is hoped it will help support student mental health and wellbeing.
“We are extremely proud to have completed the largest Passivhaus-accredited student housing project in the UK. It demonstrates our commitment to address the challenges of climate change, move towards our 2030 carbon targets and our commitment to student wellbeing and experience.
“We’re looking forward to seeing these fantastic new energy efficient residences being fully occupied by our students later in the year, helping address the shortage of student accommodation in the city and fulfilling our commitment to make more high quality, purpose-built accommodation available on campus for our first-year students.
“Purdown View has been partially occupied since January and we have received very positive feedback from students, who have told us they are proud and excited to be part of an innovative development designed to be as energy efficient as possible and tackle climate change issues.”
Professor Sir Steve West, Vice-Chancellor, UWE Bristol …