Bricks Group has sold a £400m purpose-built student accommodation portfolio into its new joint venture with Tristan Capital Partners.
The portfolio will form the bulk of a proposed £750m team up, which will see Bricks invest alongside Tristan’s Curzon Property Partners long-life fund.
The six UK PBSA assets comprise 2,753 beds, located in Birmingham, Glasgow, Leicester, Swansea (pictured) and Salford. While the portfolio will form the bedrock of the new partnership, the jv is actively assessing further PBSA opportunities, with an ambition to grow the portfolio to £750m within five years.
Tristan executive director Kristian Smyth said: “We share an ambition to scale up our jv in the short term through a combination of acquisition of operating assets and de-risked development of new schemes across the UK. Through our Core Plus CCP 5 LL Fund, we are well positioned to execute in this attractive growth sector as we look to grow the platform to £750m in the coming years.”
Peter Prickett, founder and CEO of Bricks, said there were “super exciting times ahead” for the joint venture. “Together we will make a powerful and positive impact on the student experience with a continued focus on the evolving PBSA sector.”
Bricks Group was advised by Franklin Bay, Knight Frank, and Pinsent Masons for the recapitalisation and sale of the six assets deal. Tristan Capital Partners was advised by BCLP, Workman, PwC, Savills, TigerLime and Longevity.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
