Tristan Capital Partners’ CCP 5 Fund along with its joint venture partner Bricks Group have acquired a 999-bed purpose-built student accommodation asset in Liverpool from Aura Investors for £110m.
The move is a part of the jv’s PBSA platform expansion, which is expected to be valued at more than £750m in the short to medium term. Currently, the platform comprises 2,100 beds across Birmingham, Manchester, Glasgow and now Liverpool – all managed by Bricks’ True Student brand.
Kristian Smyth, managing director at Tristan Capital Partners, said: “The underlying quality of the asset coupled with the growing demand from both domestic and international students in Liverpool made this a compelling addition to our UK PBSA strategy.”
Liverpool has more than 70,000 students and five higher education institutions, including the Russell Group’s University of Liverpool.
Merelina Sykes, joint head of student property at Knight Frank, which advised the jv on the deal, added: “The PBSA market continues to see high volumes of investment as the demand and supply imbalance and the defensive nature of the sector, continue to stand against wider headwinds facing the property industry.”
The jv’s other advisers on the deal included BCLP, PwC, Workman, Longevity and Tiger Lime.
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