Investor Long Harbour is moving into the student accommodation market through a joint venture with Rosethorn Capital Partners.
The PBSA strategy will be led by Rosethorn chief executive Stephen Rigby, who was a founder and chief investment officer at Student Roost. Student Roost was acquired by GIC and Greystar last year for £3.3bn.
Cadillac Fairview-backed Long Harbour will target existing assets and new developments in the UK’s major university towns and cities, and expects to build a portfolio of up to 10,000 beds over the next five to seven years. Long Harbour’s residential management platform, Way of Life, will manage the properties.
Rigby said: “We plan to build a high-quality portfolio across the UK and to create a highly compelling offer for students. With record numbers of students in the UK, increasing year-on-year, there remains a long-term structural shortage of well-located and well-managed properties for students to live in.”
William Astor, chief executive of Long Harbour, said: “There is a significant undersupply of high-quality student accommodation across the UK’s main university cities, and through our Way of Life platform, we intend to provide an exciting and engaging student living experience in areas where it’s most needed.”
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