Moorfield Group has agreed a partnership with We Are Kin to acquire 1,000 bedrooms in a £50m student portfolio.
The purchases will be backed by Moorfield Real Estate Fund IV as lead investor, with We Are Kin to manage the portfolio.
The joint venture has acquired 200 student bedrooms in Liverpool, Lincoln and Lancaster for £10m. It will grow the portfolio with houses of 5-8 students with a focus on the Midlands and the North.
Former Get Living chief executive Neil Young launched We Are Kin last year to acquire and operate shared living student housing backed by investment from parent company Young Group.
Ross Netherway, head of origination at Moorfield Group, said: “This partnership presents an opportunity for us to diversify our exposure in the sector, as part of our ongoing ‘beds’ investment strategy, and enables us to accelerate the professionalisation of a significant yet overlooked area of the market.”
Neil Young, investment chair at Young and chairman of We Are Kin, added: “Redefining the HMO market has always interested me, and we now intend to materially disrupt this sector, which is currently dominated by amateur landlords, but which has huge institutional potential.”
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
