Financier Corvette Capital has entered the student housing market through a new £400m joint venture with Crown Student Living.
The jv plans to develop four sites with 2,600 beds in Nottingham, Birmingham, Leicester and Bournemouth.
Construction has already begun on the 426-bed Nottingham site, which is scheduled to be ready for occupation for the 2023/24 academic year, while initial planning permission has been secured for the Birmingham development. It is expected to be ready for the 2025/26 intake of students.
Simon Gordon, co-founder of Corvette, said: “The purpose-built student accommodation market continues to grow as those studying at British universities increasingly choose safe, well-equipped and socially supportive places to live. Working with Crown and finding excellent sites in university cities gives us great confidence as we expand into this exciting sector.”
Alan Pulver, director of Crown Student Living, added that partnering with Corvette would enable it to “grow our portfolio
of high-quality purpose-built student accommodation” and serve “a market that we have seen grow and expect to expand further”.
The properties in the portfolio will be managed by CRM Students. Brotherton Real Estate helped structure the jv and will work with the partnership to raise debt for its projects.
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