Two Plymouth PBSA blocks change hands in £35m deal

Investor Veld Capital has bought the Saltwater Place and Mary Parker House student accommodation schemes in Plymouth. According to market sources, the deal is valued at £35m. The assets were acquired from the developers, Pickstock Group and Maple Grove, in two separate transactions. The purpose-built blocks have a total of 513 student rooms and have been fully let for the past three academic years. Jon Silvosa, investment director at Veld, said: “The high-income potential and value of these acquisitions proved to be attractive to Veld, offering strong returns for core assets in a location with very solid fundamentals associated. The high-yielding nature of these investments in what has consistently proven to be a resilient asset class is something that we are actively looking to build upon as we pursue a number of other opportunities in the UK PBSA market.” Justin Sulger, managing partner at Veld, added: “These investments reflect our continued conviction in the UK PBSA sector which, despite its maturity, remains under-supplied. It is also supported by favourable fundamentals and demographic tailwinds in what remains one of the most sought-after education destinations globally. Saltwater Place and Mary Parker House are the first in a series of PBSA investments we expect to complete in the UK market.”