Client visit to Nairobi
We had a fantastic visit to Nairobi to assess the student accommodation being delivered by Acorn Management Services Ltd, on behalf of our client OPIC. Acorn operate their schemes under the Qwetu brand.
News Articles
AXA swoops on Copenhagen PRS schemes for 174M euros: Denmark
Investment giant AXA Investment Managers – Real Assets (AXA IMRA) has acquired a 396 unite residential portfolio in Copenhagen, Denmark
Ex-Addison Lee HQ snapped up for student accommodation scheme: London
Taxi company Addison Lee’s former headquarters in Euston has been acquired by MBU Capital, which has plans to develop a mixed-use scheme including student accommodation …
TSH expands Italian job with green lit Florence
Hybrid co-living and c0-working firm The Student Hotel (TSH) has received a key zoning permit for it’s landmark mixed used development in the Italian city of Florence …
Unite UK Student Accommodation Fund £250M Equity Raise and £111M Acquistion
The Unite Group plc, the UK’s leading manager and developer of student accommodation, announces the Unite UK Student Accommodation Fund (‘USAF’) has successfully raised £250 million of new equity from external investors. The proceeds represent 17% of USAF’s NAV as of March 2019.
Unite has agreed to sell three assets to USAF for a total consideration of £111 million (Unite share £83 million), representing a net initial yield of 5.5%. The assets are located in Portsmouth and Leeds and total 1,223 beds. On a pro forma basis Unite Group’s LTV falls to 25%.
Unite is not participating in this equity raise in order to retain funding capacity for its secured development and partnerships pipeline and future investment opportunities. Unite’s stake in USAF will reduce from 25% to 23% when the equity is fully drawn. These sales form part of planned disposals of £100-150 million (Unite share) during 2019 …
Respublica ready to go with co-living project in London
New co-living developer Respublica has revealed plans for its first, mixed-use development, in Camberwell, Southwark.
The 300-unit scheme will offer rooms of 215 sq ft to 375 sq ft, more than twice the size of rooms in London’s first co-living scheme, The Collective’s Old Oak development, which measure 108 sq ft.
Aside from co-living, more than 20,000 sq ft over two floors will be assigned to co-working. The scheme will also feature a gym, restaurants and cultural attractions such as an art studio.
Respublica co-founder and chief executive Ravi Sharma described the scheme, which is at the pre-planning stage, as a cross between a boutique hotel and a private members’ club …
L&G launches £2bn business combining retirement living with children’s nurseries
Legal & General is expanding its retirement living business with the launch of Guild Living, a new brand focused on city centres that will build children’s nurseries with later living alongside.
Under the plans, L&G will build 3,000 new homes over the next five years with a gross development value of around £2bn …
SPH Expands UK Student Housing Portfolio
Singapore Press Holdings Ltd. has expanded its student housing holdings in the U.K. with the acquisition of a portfolio spanning three cities with a total capacity of 1,243 beds for approximately $173.6 million. The transactions were made between SPH’s wholly-owned subsidiaries, Straits Five Pte. Ltd., Straits Six Pte. Ltd., and Straights Eight Pte. Ltd., and Habitus Holdings, Privilege Holdings, Privilege Southampton Holdings and AIGGRE Europe Real Estate Fund I GP.
SPH did not break out which assets were purchased from each firm, but the properties acquired are:
Hampton Square, located at 2 Mayfield Road in Southampton; the property has 526 beds and is 90 percent occupied;
Sharman Court, located on Broad Lane in Sheffield; the asset offers 397 beds and is 96 percent occupied;
Asa Briggs House, located at 6 St. John’s Road in Leeds; the property has 320 beds and is fully occupied …
Savills Spotlight: Global Student Housing Investment
Global investment into student housing totalled $17.1bn in 2018, the third year in a row that volumes exceeded $16bn. While down 2% on 2017, total volumes are still up 425% since 2008 (all global real estate volumes rose by 130% over the same period). Provisional Q1 2019 data shows a further $2.4bn invested in the sector globally, with notable transactions from Brookfield, Greystar, PSP Investments, and Allianz.
Volumes in the UK and Western European were down in 2018 as fewer major portfolios came to market (falling 33% and 38% respectively), but the US reached an all-time high with $10.8bn invested into the sector …
GSA set to bring micro-living student model to UK market
Student accommodation specialist plans to launch the concept in conversions and new-builds in London …