Europa Generation has raised £100m in the first close of its Europa Generation Student Fund.
Finance was provided by a number of global institutional investors.
The joint venture between Europa Capital and Generation Estates has a £300m target.
The partners currently have £180m of assets under management, comprising 1,561 beds operational in Bath, Newcastle, Sheffield, Aberdeen and Bournemouth, with 144 additional beds in Oxford that will complete this summer.
Tim Turnbull, partner at Europa Generation, said: “The opportunities for institutional investors to access the PBSA market in collective vehicles are limited. Therefore, our ambition is to scale the Europa Generation platform, broaden our investor base and to grow the Student Fund’s portfolio throughout the UK.”
Alan Artus, partner at Europa Generation, added: “The student accommodation sector remains a highly attractive market that is resilient to economic headwinds and continues to offer favourable supply and demand dynamics.
“The shortage of modern, high-quality accommodation in leading university towns and cities is demonstrated by the strong level of demand we have seen across our operational portfolio.”
Europa and Generation have partnered to deliver more than 12,000 beds across PRS and student accommodation in key UK and European locations. Generation has two brands, Nido Student Living and Pure Student Living, with a combined asset value in excess of £1bn.
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