Fund manager Moorfield Group has sold two PBSA schemes in Egham and Birmingham to a joint venture between Ares Management and Generation Partners.
Both schemes will be turned into the Here! Student Living brand that is currently operated by the jv in Cardiff, Exeter, Glasgow, Dublin and Galway.
The 499-bedroom building in Egham, known as Hox Park, was opened in September 2018 and was developed by Moorfield in partnership with Royalton Group. It offers students a private gym and wellness centre, parcel lockers, a café, car parking facilities and a dedicated social and study hub, Hox Haus.
The Birmingham PBSA scheme, Toybox (pictured), comprises 290 beds. It was developed by Moorfield in partnership with Torsion Group and opened in September 2019. The building features communal spaces, an on-site gym and wellness studio, automated parcel lockers and ultrafast fibre-optic Wi-Fi.
Ross Netherway, head of origination at Moorfield, said: “These disposals conclude two successful investments on behalf of our Fund III and Fund IV, enabling us to crystallise attractive returns on behalf of our investors, as we focus on deploying the capital raised for our latest value-add strategy.”
Savills and Shoosmiths acted for Moorfield. BCLP acted for Ares and Generation.
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