Unite Students has acquired an 800-bedroom student development in Paddington, London from Travis Perkins for a total investment of £150m.
The student developer has agreed a £70m subject to planning deal for Baltic Wharf, to be funded from the proceeds of its recent £300m fund raise.
Make Architects is working up plans for the development of the 0.74-acre canal development site, which will include a new 25,000 sq ft Travis Perkins builders merchant.
Unite is targeting completion for the 2023/24 academic year, but has options on the start date, subject to market conditions. It is in discussions with potential London university partners on a long-term nomination.
The Paddington scheme is Unite’s second acquisition from Travis Perkins, following the 563-bed scheme at St Pancras Way, NW1, in 2014.
Chief executive Richard Smith said: “This is a rare opportunity to acquire a zone 1 central London site in an excellent location, which will help to meet the growing accommodation needs of our London-based university partners.
“We remain confident in the growth outlook for London over the next decade, reflecting the global reputation of its universities and a positive outlook for growth in UK and international student numbers.”
Travis Perkins was advised by Bourne Capital Advisors and Cushman & Wakefield.
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