A joint venture between Patron Capital and Curation Capital has bought a 420-bed student accommodation block in Nottingham.
Madison Gardens in Lenton, which lies between the city’s two universities, is the second acquisition by the jv.
Pan-European property investor Patron Capital joined forces with London-based real estate investment manager Curation Capital to buy and refurbish existing student properties in towns and cities that are linked with Russell Group or tier-one universities.
Last year, it launched the partnership with the purchase of Beech Gardens, a 250-bed development in Birmingham.
The duo aims to deploy £100m to acquire more than 1,000 bedrooms in the next five years.
The assets will be managed by Almero Student.
Patron managing director Keith Breslauer said: “We like student accommodation for a number of reasons, including its resilience in economic uncertainty, which was proven by its performance during the recent pandemic, and think there is a significant opportunity to reposition outdated assets and deliver them to the market as the sector becomes ever more in demand from both students and investors alike.”
Curation founding partner Michael Haverty added: “We intend to follow this up with further acquisitions throughout this year and beyond.”
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