Private equity giant Lone Star has acquired a 2,621-bed student portfolio for £315m.
It has purchased the properties on behalf of the Lone Star Value-Add Fund I from Fusion Students.
The portfolio comprises assets in Cardiff and Hatfield that are built and occupied, with others in Swansea and Sheffield scheduled to open in September 2021.
The acquisition is thought to be the largest PBSA deal this year and marks an entrance to the sector for Lone Star.
It follows expansion in BTR with Quintain and retirement living with the recent take-private of FTSE 250-listed McCarthy Stone.
Jamie Harris, head of student accommodation at Harris Associates, which advised Lone Star, said: “Lone Star’s off-market acquisition of 2,621 beds demonstrates that, in a counter-cyclical environment, student accommodation has become increasingly attractive.”
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