Global investment manager Heitman has acquired a purpose-built student accommodation scheme in Bath in an off-market transaction with Alumno Group.
Located centrally to Bath Spa University and the University of Bath, the 120-bed Hollis Building will feature a biodiverse green roof and photovoltaic panels to meet part of the project’s energy needs.
Gordon Black, senior managing director and global portfolio manager at Heitman, said: “As we continue to construct our global portfolio against the background of a volatile market, we are focused on acquiring high-quality assets that provide robust portfolio risk diversification – including by region, property type and demand driver.
“The investment in Bath fits that profile as student housing continues to attract delinked demand and the UK remains a pillar of higher education globally.”
Caleb Mercer, managing director of European real estate investment at Heitman, added: “The resiliency of purpose-built student accommodation has been clearly evidenced over the past year. Demand for student housing remains intact and is expected to accelerate as the sector continues to benefit from steady occupancy gains, strong investor interest and high barriers to entry.”
Upon completion, the Hollis Building will be operated by Homes for Students, the UK’s largest independent student housing operator.
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