Patron Capital has launched a joint venture with Curation Capital to acquire and refurbish existing student accommodation schemes.
The duo aims to deploy £100m to acquire more than 1,000 bedrooms in the next five years.
The jv is backed by funds from Patron Capital’s recently closed Fund VI, and properties will be managed by Almero Student.
It has announced a debut scheme called Beech Gardens (pictured), comprising 250 bedrooms in Birmingham’s Edgbaston, from Unite Students.
The property was developed in 1993. It was previously called Liberty Gardens and was purchased by Unite at the end of 2019 as part of the £1.4bn Liberty Living takeover.
Keith Breslauer, managing director at Patron Capital, said: “Despite the turbulence caused by the pandemic, PBSA has shown resilience.
“We see significant opportunities in this market, particularly where value can be driven from refurbishment, additional development and targeted asset management.”
Michael Haverty, founding partner of Curation Capital, added: “The relationship will allow us to build and create a high-quality portfolio of student assets located in Russell Group and tier 1 towns and cities.”
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