Student accommodation provider Student Cribs has secured the UK’s largest student HMO (house in multiple occupation) acquisition.
Student Cribs has purchased the CPSW portfolio of 89 student houses comprising 568 beds for £31.4m.
This is the company’s largest single acquisition since securing £200m of funding from institutional backers last year.
Since securing the latest round of institutional investment Student Cribs has invested £102m in assets in total.
The company now operates across 23 cities with a total of 2,625 beds in 529 properties. The CPSW portfolio is spread across the heavily student populated cities of Cardiff, Exeter and Portsmouth.
Other recent portfolio acquisitions include Waterside Student Village, near Salford Quays which includes 247 beds and was acquired for £11.3m; Bellvue portfolio of 67 houses in Keele and Stoke-on-Trent which comprises 312 beds and was acquired for £10.6m; the SHC portfolio in Cardiff and Coventry including 177 beds and acquired for £9.57m and the Bentley portfolio Nottingham which has 56 beds and was acquired for £3.25m.
Charlie Vaughan-Lee, chief executive of Student Cribs, said: “This acquisition consolidates our position at the forefront of our sector. When we secured £200m of funding last year, it was the largest fund raise of its kind and gave us the firepower to acquire significant portfolios and broaden our reach in key cities. We have exceeded our targets by doubling our bed spaces by the end of 2017 and are delighted with the properties and yields we have achieved.”
Student Cribs seeks to purchase individual HMOs in high-quality university cities, portfolios of HMOs and period conversion opportunities.
Allsop advised on Waterside Village; Savills Residential Capital Markets advised on Bellvue.
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