Unite Students has exchanged contracts to acquire a Birmingham development site.
Subject to planning consent, the site, near Aston University, is expected to provide accommodation for 600 students.
The £40m project is scheduled to complete by 2019.
The development will increase the number of Unite beds in Birmingham to around 3,300 across five properties.
Richard Simpson, managing director of property for Unite Students, said: “This central Birmingham site fulfils our criteria for growth and investment returns in a strong, regional location.
“Birmingham is home to four higher education providers offering a wide range of highly respected courses.”
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