Cain appoints new lead for European PBSA equity strategy

Cain International has appointed Oliver Cummings as managing director and head of PBSA Europe to lead the company’s purpose-built student accommodation equity strategy. Cain hopes to build a portfolio of more than 10,000 student beds across Europe in the next five years. Cummings, who has nearly 15 years of PBSA investment experience, joins the business from WP Carey where he was investment officer and head of European student housing asset management. The appointment follows a period of growth for Cain’s real estate equity and credit portfolio in the living sector, including a £500m PBSA forward-funding deal in 2023 delivering 2,389 student beds across Russell Group UK university cities, with investment backing from Menora Mivtachim. Since 2020, Cain’s credit platform has provided more than £400m in construction financing for the PBSA sector across the UK and Spain, including a recent £91.5m construction loan to Vita Group for its inaugural House of Social development in Manchester. Cummings will report to Arvi Luoma, who leads Cain’s European equity strategies. Luoma said: “Oliver’s appointment marks a crucial step in advancing our European equity strategy, specifically within the living sector. His expertise in PBSA across our target geographies will be vital as we aim to build a premium portfolio of 10,000 student beds within the next five years and further establish Cain’s presence in this growing asset class.” Cummings added: “This was a unique opportunity to join a dynamic investment firm with a well-established track record and exciting plans for growth. Cain’s integrated expertise across both real estate credit and equity in the PBSA sector positions us well to make strategic moves based on a partnership approach across Europe’s core markets.”