Student developer Crosslane has entered the co-living sector with a portfolio of five sites valued at £355m.
It has announced a secured pipeline of 1,786 bedrooms across five sites in London, Manchester and Liverpool, and the launch of Crosslane Co-Living.
Crosslane has been developing purpose built student accommodation for a decade.
Its first two co-living sites in Walthamstow, London and Deansgate, Manchester will deliver 366 bedrooms over the next two years.
A further three sites in London commuter belt locations and Liverpool will go to planning next year, seeking consent for 1,420 bedrooms.
Crosslane Co-Living will develop and operate the assets. It is working with JLL to secure investment and aims to add a further three cities to the pipeline.
Mark Hughes, managing director at Crosslane Co-Living, said: “We have been avidly following urban market trends and the emergence of co-living has presented a prime investment opportunity for our clients.
“In the coming year, we will be extending our pipeline in three new UK city locations and are actively looking for additional sites to meet the growing institutional investment opportunity available in this living asset class.”
The nascent co-living sector is expected to surge in coming years, as residential, student and hospitality developers seek to broaden their offering. According to JLL it will triple, with some 20,400 bedrooms expected by the end of 2021.
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