Singapore’s Q Investment Partners has teamed up with Hunting Gate Developments to expand its purpose-built student accommodation portfolio into Scotland.
QIP and HGD have made their first joint acquisition in Edinburgh, picking up a £30m student scheme from Summix Developments.
The acquisition was made on behalf of QIP’s UK Purpose Built Student Accomodation III Fund.
The duo have launched a long-term strategic partnership to establish a PBSA platform across a number of sites, with a number of acquisitions in the pipeline through Summix.
The 198-bedroom scheme at London Road (pictured) sits directly opposite the former Meadowbank Stadium which is being redeveloped by Edinburgh Council. It was approved by the council in June.
Ben Hall, head of investment for QIP said: “Despite the uncertainties of Brexit, UK PBSA remains an attractive asset class and Edinburgh is proving especially buoyant as one of the top student accommodation investment markets. With world-class universities there is strong demand for student accommodation, boosting investor confidence, and this is especially true for Asian investors.”
Stuart Black, development director at Summix, said: “This development will serve to address the increasing demand for student accommodation, fulfilling the ambitious growth plans of world-leading universities in the city, which are key drivers of the economy.”
QIP has a portfolio of £120m of student accommodation assets in the UK across three funds with assets in Sheffield and Nottingham. It has additional co-living assets in the US. HGD is the development arm of HB Construction, specialising in student accommodation.
Summix Developments is a property company backed by video games entrepreneur Shukri Shammas, who founded social media video games firm Playfish. The developer focuses on residential and student schemes in the UK and Ireland.
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