Q Investment Partners has signed a £100m UK student housing joint venture with Malaysian developer Gamuda.
The equity funding from Gamuda will allow QIP, alongside its UK-based co-developer Hurlington Capital, to develop a 299-bed purpose-built student accommodation scheme at 81-88 Beresford Street, Woolwich, SE18.
Peter Young, chief executive and co-founder of QIP, said: “This joint venture with Gamuda represents a significant milestone for QIP. It marks our entrance into the London student housing market, with Woolwich becoming our 11th UK asset to date. We are targeting further UK PBSA opportunities with Gamuda as part of our respective larger strategy in the sector.”
He added: “The successful closing of this transaction underscores our commitment to investing in high-quality student housing by delivering more than 2,000 beds across prime university cities. We are excited to work with our partners to bring this project to fruition, leveraging our integrated development capabilities.’’
Chu Wai Lune, chief executive of Gamuda Land, said: “Our partnership with QIP on this project is a strategic move that aligns with our focus on high-yield quick turnaround projects and growth in familiar territories that we operate in. By strategically balancing township developments with quick turnaround projects, we are able to deliver sustainable, high-quality developments with greater efficiency.”
QIP and Hurlington had first formed a jv to deliver the site in September 2023, with both investing equity in the project. The two invested primary equity with alignment equity and agreed to share development management responsibilities.
Consent for the scheme was acquired in August 2022. When complete, the project will be one of the first PBSA schemes within the Woolwich regeneration area. Demolition works have already been completed, with work on the site commencing in Q3 2024. The accommodation will be available for the 2026/27 academic year.
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